Karnataka government has approved a proposal for a Biotech Park at an approximate cost of Rs 103 crore. The state government will also provide a boost to the Bangalore Bio 2006 beginning here on June 7. The 106 acre land had already been obtained by the Karnataka Industrial Area Development Board (KIADB) at cost of Rs 17 crore of which possession of 92 acres has already been taken.

In the first phase funding of Rs 14 crore, an amount of Rs 9.70 crore would be set aside for construction of the building of the Institute of Bioinformatics and Applied Biotechnology (IBAB) and the Centre for Human Genetics (CHG) which are currently operating out the International Tech Park at Whitefield. The remaining amount would be spent on the hostel building other facilities apart from the administrative building of Karnataka Biotechnology and Information Technology Services (KBITS).

In the second phase of the project, the Biotech Incubation Centre and the Common Infrastructure Facility costing Rs 67 crore would be taken up the, stated minister for transport N Cheluvaraswamy at an emergency cabinet meeting. He said the Vision Group on Biotechnology had considered the proposal on May2 and recommended it to the government. The facilities like the common infrastructure centre, instrumentation and other testing facilities would bring down the capital cost for the entrepreneurs.