Bharat Biotech International has inked a pact with the government of Orissa to set up the ‘Konark Knowledge Park’ at a cost of Rs 100 crore. This is the first public-private partnership (PPP) project conceived under a development alliance between the company and a state government. The project aims to boost investments in the areas of biotechnology and pharmaceuticals in Orissa.
The ground breaking ceremony was held at Mouza-Andharua, Bhubaneswar on 25 October, 2009 and was presided over by Orissa chief minister Naveen Patnaik.
The government of Orissa has allocated 64.86 acres. Out if this, 30 acres is for the Phase I and 24.86 acres for phase-II of the project. This will also include 10 acres for development of Biotech Incubation Centre through a special purpose vehicle for development of an integrated industrial park to attract biotechnology, pharmaceutical, and information technology industries in Bhubaneswar.
When completed, this project would be a state-of-the-art research and development centre. The park will accelerate the growth of entrepreneurship in the area of biotech, pharma and IT and help nurture local talent in the areas science and technology-based research and development, said Dr Krishna Ella, chairman and managing director of Bharat Biotech International.
According to Orissa Industrial Infrastructure Development Corporation (IDCO) the government of Orissa would provide all external infrastructure facilities which includes a four-way lane roads to the location, uninterrupted water supply and power with 33KVA sub-station to facilitate rapid development of the project.
The land for park has been allocated in the form of a long-term lease to the Konark Knowledge Park Pvt. Ltd. which is the company incorporated under the Companies Act 1956 as special purpose vehicle with commitments of reciprocal investments in infrastructure and facilities. The SPV will execute the lease-cum-development agreement with IDCO. The project is expected to be completed over a period of eight years.
This PPP project with Bharat Biotech International demonstrates Government’s vision to successfully collaborate with the private sector to not only create world class infrastructure but also create new avenues for jobs and increase investment in our local economy, stated the Orissa chief minister.
Bharat Biotech has significant prior experience in the development and successful implementation of technology parks in India. It has successfully developed an integrated Agri-Biotech Park in Bangalore besides conceptualizing and establishing Genome Valley BioPharmaceutical cluster located in the outskirts of Hyderabad.