The Hindu Business Line : Biocon to invest Rs 500 cr in Pharma City

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Hyderabad Feb. 16 Ms Kiran Mazumdar Shaw, Chairman and Managing Director of the Bangalore-based Biocon, has announced that the company would invest Rs 500 crore in a bio-pharma project in the Jawahar Pharma City, a special economic zone.

Ms Mazumdar, who was in the city in connection with the fourth edition of Bio-Asia, met Dr Y.S. Rajasekhara Reddy, Andhra Pradesh Chief Minister, at his residence on Friday and discussed the project.

The Chief Minister handed over a letter of allotment, giving 50 acres in the SEZ coming up at Atchutapuram in Visakhapatnam district.

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Later, talking to reporters after the screening of the film `Gender Bender' by CII's Young India, she said the company would start working on the project in six months. "It will be an expansion of our current activity. It will employ 500 people in the first phase," she said.

The company would also look at an opportunity in the proposed biotechnology SEZ near Hyderabad. "The Government has shown us an opportunity there. We will certainly look at that," she said.

In a press release, the Chief Minister's Office said the company had been offered 10 acres of land in this SEZ, which would be developed by APIIC (Andhra Pradesh Industrial Infrastructure Corporation Limited). It claimed that the company would invest Rs 1,000 crore in the project at the Visakhapatnam SEZ.

More Stories on : New Projects | Bio-tech & Genetics | Pharmaceuticals | Andhra Pradesh

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