VISAKHAPATNAM: Hyderabad-headquartered Vivimed Labs is planning to set up a pharma special economic zone (SEZ) comprising nearly 14 synthetic organic chemicals manufacturing units at an investment of around Rs 772 crore in Srikakulam district.
The Union ministry of environment, forests and climate change has awarded environmental clearance to Vivimed Labs for setting up the
SEZ in an area of 325 acres at Chittivalasa, Boyapalem and Naravu village of Ranasthalam mandal in Srikakulam district. The SEZ is located at an aerial distance of around 60 km from the city and is connected by road through NH-16.
According to the environment clearance report, Vivimed Labs will be establishing its own synthetic organic chemicals manufacturing unit in an area of about 95 acres out of the total 325 acres. The remaining land will be converted into plot sizes varying from five to 20 acres and will be allotted to other investors interested in setting up manufacturing units in the pharma SEZ. Also, a common effluent treatment plant (CETP) and a common solvent recovery unit (CSRU) will be set up as part of the SEZ.
Speaking to TOI, Vivimed Labs managing director and chief executive officer Santosh Varalwar said the first phase of the project, which entails Vivimed establishing its own manufacturing unit on around 95 acres, is expected to start by the last quarter of this fiscal. "We'll be investing around Rs 150 crore in the first phase and will subsequently develop the rest of the land. The overall investment, once the entire project is completed, will be around Rs 750 crore," he said.
Furthermore, he said the first phase of the project is expected to take about 18 months for completion once they start work on it in the last quarter of the current fiscal and is expected to be operational in early 2017.
Elaborating on plans Vivimed's plans, he said, "This manufacturing unit will be catering to the regulated markets in US and Europe. The unit will be used for developing pharmaceutical formulations, APIs and specialty chemicals."
While the Vivimed unit is expected to provide employment opportunities to around 300 to 400 people, Varalwar said the entire SEZ will be able to offer employment to around 1,000 to 1,500 people. "Vivimed is open to the idea of other companies setting up their units within the SEZ for which nearly 160 acres will be available," he explained. Vivimed Labs, which clocked net sales of Rs 1,359 crore for fiscal 2013-14, already has 12 manufacturing facilities and five R&D centres across the world. Vivimed focuses on healthcare, personal care, home care and industrial segments globally.
Source : timesofindia.indiatimes.com