Telangana govt seeks Rs 6,000 cr grant from Centre for pharma city
The project cost is estimated at Rs 16,395 crore
The government of Telangana has proposed a Rs 6,000 crore grant from the Central government for the Hyderabad Pharma City at Mucherla. The Department of Industrial Promotion (DIP) of the Ministry of Industries has given its final approval for the project as National Investment and Manufacturing Zone.
The project cost is estimated at Rs 16,395 crore, of which the government had requested the DIP to give a grant of Rs 6,000 crore for creation of internal and external basic infrastructure and other technical work. The Centre had agreed to release Rs 1,500 crore in the first installment but there was no headway.
The DIP had given in-principle approval to the project on 22 January 2016, though it was conceived in 2015. Thereafter, the government submitted the techno-economic feasibility report and the detailed project report which the DIP studied in detail and gave final approval on 10 December 2019.
The project envisages direct and indirect employment to 5.6 lakh person with an investment of Rs 64,000 crore. The Telangana State Industrial and Infrastructure Corporation set up a special purpose vehicle (SPV) Hyderabad Pharma City to expedite development of basic infrastructure. For funding internal infrastructure development, the government sent proposals to Asia Infrastructure Investment Bank.