Pharma City cries for relief post HUDHUD
Visakhapatnam: The Jawaharlal Nehru Pharma City developed as one of the Best sector specific Industrial Theme Park spread around 2400 acres has been yearning for restoration post the devastating cyclone HudHud.
Developed by APIIC in coordination with Ramky Group, JNPC’s damage in terms of Revenue is estimated to be around Rs 300 Crores while the damage arising out of Opportunity losses i.e. break down of Power Lines and lack of Power for nearly 18 days has been around Rs.100 Crores per day.
Though power was restored a week back the resumption of Operations and restructuring is said to take few more weeks. Manufacturing Units at the Pharma City which are already running with minimum economic viability now have been further pushed into deep economic crisis.
In this connection series of representations have been submitted to the Government to take needful actions on settling various pending issues such as Insurance Claims, Immediate sanction of Incentives and subsidies by the Department of Industries (DIC) which have been pending despite sanctions, Discount and incentives on Power Bills till January, Waiver of Property Tax by APIIC-IALA for the current year, Reduction in the Interest Rates on Term Loans by the Banks, Supply of Plants and Twigs free of cost to develop green Belt in the Pharma City and inside the Units It has been a relatively slow phase of growth for the pharma specific zone due to various problems it has been facing since its inception in 2005.
Of the projected 105 Manufacturing Units only around 45 units are fully operational and another 21 Units are under various phases of Construction. Another 14 Units are yet to start their Project.