| The deal, valued at over Rs 100 crore involves purchasing a 400-acre block in the 2,250-acre pharma manufacturing park at a cost of Rs 25 lakh per acre, said sources close to the development. |
| The company is learnt to have invested in the industrial site in India with an objective of attracting multinational pharmaceutical companies to set up their direct manufacturing operations in India. |
| The sources added that the company is already in talks with 14 top multinational pharmaceutical companies, all of which have wholly-owned subsidiaries in Singapore. |
| The work on the Rs 400-crore Pharma City project is moving at a brisk pace. Common infrastructure facilities to help the units begin operations would be completed shortly. |
| Hyderabad-based Ramky Pharma City (India) is executing the project. |
| The Vishakhapatnam district authority had recently initiated steps to acquire an additional 250-acre land in the vicinity of Parawada for the Pharma City, apart from the previously sanctioned 2,000-acre land. |
| The industry project, a first of its kind in the southern state, was initiated by the Bulk Drug Manufacturers Association (BDMA) in support of the Andhra Pradesh government. |
| The Pharma City will also provide infrastructure for the drug discovery, research and development functions, as also help with clinical trials. |
| It will also facilitate with the manufacturing and marketing functions, both to Indian as well as international pharma companies. |
| Located at a special economic zone (SEZ), the pharma park is aimed at enabling global pharma majors outsource around 400-odd drugs from India in the post GATT regime. |
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