K'taka Cabinet okays setting up of Bio Tech Park
Bangalore, June 4: The Karnataka Cabinet today approved setting up of a Bio Tech Park at a cost of Rs 103 Crore, Minister for Transport Chaluvarayaswamy said today.
Briefing newsmen after a Cabinet meeting here, he said that Buildings would be constructed for Institute of Bioinformatics and Applied Biotechnology (IBAB) and the Center for Human Genetics (CHG) and Administrative Building for Karnataka Biotech Training Society (KBITS), which are currently functioning in rented buildings.
He said that establishment of Biotech Incubation Centre and Common Instrumentation Facility in the Park would be taken up at a cost of Rs 67 Crores.
He said that 92 acres of land, of the the total 106 acre required for the Park, has already been acquired.
Mr Chaluvarayaswamy said that the Union Government, Department of Biotechnology, has allotted Rs 14 Crore as its contribution for setting up of the Park and has already released Rs 11 Crore.
He said that setting up of the Park would give a fillip to the efforts of the State to be in the forefront of cutting edge technology in the field of Bio Technology and new entrepreneurs would be able to use the Common Facility Center and testing facilities, bringing down their capital cost and encouraging fresh investment in the State.