VISAKHAPATNAM: The Centre has sanctioned one of the three bulk drug parks for Andhra Pradesh, said Union Minister of State for Chemicals and Fertilisers Bhagwanth Khuba.
In a written reply to BJP MP GVL Narasimha Rao’s question in the Rajya Sabha on Tuesday, the Union Minister stated that the Centre sanctioned the three bulk drug parks for Andhra Pradesh, Gujarat and Himachal Pradesh. The bulk drug park in Andhra Pradesh will come up at Thondangi in the Kakinada district in an area of 2,000.46 acres and the land required for the development of the park has already been acquired.
The estimated cost of development of common infrastructure facilities (CIF) in the bulk drug park is Rs 1,441 crore, which includes the Centre’s grant of Rs 1,000 crore, he said.
Asked about the incentives offered by the State government to the manufacturing units in the bulk drug park, the Union Minister informed that the State government has offered, among other benefits, an interest subsidy of 3% on the term loans taken for fixed capital investment by the new MSMEs for five years and reimbursement of 100% of net SGST accrued by the State for a period of 10 years.
The park is expected to generate economic activity for the pharmaceutical sector in the region, he explained.GVL said the bulk drug park will enable the Kakinada region to emerge as a pharmaceutical hub of the country.