Biotech Pharma IT park to be developed in Orissa

Bhubaneswar, Nov 1 (UNI) Orissa government is developing Rs 100 crore state of the art Biotech Pharma IT park over 64.86 acres of land at Andharua in PPP mode on the outskirt of the capital city.

Official sources here said the project is the first of kinds in the state and aimed to attract and promote pharmaceutical, biotechnology and Information technology industries in the state.

State owned Orissa Inustrial Infrastructure Development Corporation (IDCO) had been designated as the nodal agency for the project.

Bharat Biotech International Ltd(Bharat Biotech) had been selected as the developer for the project after a competitive bidding process.

Sources further said the land would be handed over in two phase in the form of long term lease basis.

Bharat Bio-tech International Ltd would form a Special Purpose Vehicle (SPV) to develop the Bio-tech Pharma-IT park. The SPV would execute the lease cum development agreement of the Bharat Biotech with IDCO.

The project would be completed in eight years.The state government and IDCO have agreed to provide all external infrastrcture facilities such as road connectivity, water supply, power supply for internal infrastrcture development.

A Biotechnology Incubation centre would be developed on ten acres of land close to the park for use by researchers, entrepreneurs and students.

While the union government has agreed to provide funding for the equipment and instrumentation of this ''centre of excellence within the park, Bharat Biotech would provide building and other infrastructure, the sources said.

UNI BD RH/src1550