The chief minister of Andhra Pradesh, YS Rajasekhara Reddy, has laid the foundation stone for Phase III of Biotech Park at Karakapatla in Medak district on Tuesday. The State Government has earmarked 414 acres of land in the Genome Valley for Biotech Park Phase III.

The first two phases of the Shapoorji Pallonji Biotech Park have been completed and over 20 companies have acquired land, of which few are in advanced stage of commissioning their facilities. A biotech incubation centre in association with IICT is also to be established in the Park. The Genome valley also comprises of ICICI knowledge Park.

The biotech cluster in and around Hyderabad has been able to attract a lot of international biotech companies in the last few years. The total investment in the sector in the next five years is estimated to be about Rs 200 crore.

AP is also a strong contender for the proposed Bio-IT Park of Software Technology Parks of India (STPI). Shapoorji Pallonji and the AP Government are trying to win the contract to set up the Bio-IT Park.