Bharat Biotech to develop pharma-IT park in OrissaOctober 29th, 2008 - 4:02 pm ICT by IANS
Hyderabad, Oct 29 (IANS) The Orissa government has selected the Hyderabad-based Bharat Biotech International Ltd (BBIL) to set up the first biotech-pharma-IT park in the state.The park, under public-private partnership, will come up at Mouza-Andharua in Bhubaneswar, at an estimated cost of Rs.1 billion and is scheduled to be completed in eight years, a company statement said here Wednesday.
The park will also house a 10-acre biotechnology incubation centre for researchers, entrepreneurs and students.
The Orissa government has allocated 54.86 acres to BBIL towards the development of the integrated industrial park to attract and promote pharmaceutical, biotechnology and IT industries in Bhubaneswar.
BBIL will form a special purpose vehicle (SPV) to develop the park. The SPV will execute the lease-cum-development agreement of BBIL with Orissa Industrial Infrastructure Development Corp (IDCO). The state government and IDCO have agreed to provide all external infrastructure facilities.
“Our task is to focus on rapid development of this park by developing core infrastructure and technology to enable establishment of new companies whereby new local entrepreneurs in the biotechnology field will be created,” BBIL chairman and managing director Krishna Ella said.
BBIL is a multi-dimensional biotechnology company, specialising in product-oriented research, development and manufacturing of vaccines and biotherapeutics.
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Tags: biotechnology field, company specialising, core infrastructure, incubation centre, industrial infrastructure, infrastructure facilities, orissa government, pharmaceutical biotechnology, public private partnership, special purpose vehicle