Hyderabad-based pharmaceutical and specialty chemical manufacturing company, Vivimed Labs Limited, has received in-principle approval from the Union ministry of commerce and industry for a sector-specific special economic zone (SEZ) in Srikakulam district of Andhra Pradesh.
The SEZ for chemicals and pharmaceuticals (bulk, active pharmaceutical ingredients and formulations) over an area of 131.68 hectare would be developed, operated and maintained by Vivimed, the company said in a filing to the BSE on Monday.
Meanwhile, the board of directors of the company, at its meeting held recently, has decided to raise funds through global depository receipts and American depository receipts convertible into equity shares, foreign currency convertible bonds or warrants convertible into depository receipts upto $25 million (around Rs 112 crore).