The works on the much-publicized Biotech Park of the Karnataka state is to be officially kicked off within a few weeks from now. The state government has already earmarked 25 acres of land with a provision to double the area if required within the suburbs of Bangalore city. The park would be adjacent to the research unit of Aurigene Discovery Technologies Limited, a wholly owned subsidiary of Dr.Reddy`s Laboratories, says Dr E V Ramana Reddy, director IT & Biotechnology, Government of Karnataka.
Speaking to Pharmabiz.com, Reddy said that the land is already in the possession of Karnataka Industrial Areas Development Board (KIADB) and is to be handed over to the department for the development of the park. Though the setting up of the park was announced a year back, it got delayed due to the protests against utilizing the area identified for the development in the initial stages.
"Now that the government has the land ready, the works on developing infrastructure facilities can begin any time," Reddy said. The park will have reputed R&D institutions, biotech companies and incubation facilities etc. The entire management of the park will be under the guidance of the Vision Group on Biotechnology. The facilities shall be primarily on commercial lines, he said.
The state government has announced a host of incentives to the tenants of the park. Exemption on payment of Entry Tax on machinery, equipment, capital goods and construction materials, for a period of 3 years or till the date of completion of the project, whichever is earlier, on condition that each invoice should not be less than Rs. 25 lakh or Rs. 10 lakh in case of construction materials is one of them. Exemption from the payment of stamp duty and registration charges is also going to be an incentive for the units that set shop in the park.
Dr Reddy said that five acres of land would be developed exclusively for common facilities for the entire park.