31 Oct 2008

Rs100cr Biotech Pharma IT park planned

The Hyderabad-based Bharat Biotech International Limited has been asked by the Orissa government to develop a Rs 100 crore Biotech Pharma IT park at Andharua near Bhubaneswar.

The park will be developed over 64.86 acres in public-private-partnership (PPP) mode. The project is expected to promote biotechnology, pharmaceuticals and information technology industries in the state, official sources said. Bharat Biotech has significant experience in the development and successful commercialization of technology parks in India. It has also successfully developed an integrated food biotech park in Bangalore.

The government has allotted 54.96 acres for the project which will be handed over in two phases. The land will be given in the form of a long term lease basis and the company will be required to make commitment on time bound development of infrastructure and facilities in the park.

A Special Purpose Vehicle (SPV) will be formed by the company to implement the project which will execute the lease cum development agreement of the company with Orissa Industrial Infrastructure Development Corporation (IDCO). “The project is expected to be completed in about 8 years and the state government and IDCO will provide all external infrastructure such as road connectivity, water supply, power supply with 33 KVA sub-station”, a senior official of the state science and technology department said.

A Biotechnology Incubation Centre (BIC) will also be developed over 10 acres of land within the park. This facility will be used by researchers, entrepreneurs and students. The department of biotechnology, Government of India, has assured funding for the equipment or instrumentation of this 'Centre of Excellence' within the park.

Source : Business-Standard

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