New Delhi, Jan.23 (ANI): The Malacca Government intends to use an Indian firm's help to develop a RM450mil biotechnology research facility for the development and distribution of bio-theraphic products for medical use.
Its corporate subsidiary Melaka Biotech Holdings Sdn Bhd will sign a joint-venture agreement with the Hyderabad-based Vivo Bio Tech Ltd India and Vanguard Creative Technologies Sdn Bhd.
The memorandum of understanding was signed here yesterday by Chief Minister Mohammad Ali Rustam and Vishwanathan Komplella, chairman of Vivo Bio Tech and the directors of the joint venture, Chandrakant Avalani and Sittampalam.
Malaysian Prime Minister Najib Tun Razak, who described the project as a commendable venture with newly improved Malaysia-India economic ties, witnessed the signing at the Taj Hotel here.
"I hope that the facility to be set up will not only succeed as a research and development centre but also be a commercial success bringing profits to the investors," he said.
The proposed research centre and eventual manufacturing plant is expected to provide facilities for the transfer of technologies in the areas of pre-clinical testing, toxicology and drugs development.
Melaka Biotech Holdings will provide investment in the form of 11.7ha of land for the project.
The land will be leased to the joint venture for up to 30 years, with the option of buying it within five years, The Star reports. (ANI)