Karnataka Government will set aside at least Rs 10 crore in the forth coming budget for the proposed biotechnology park in Bangalore which is expected to be complete in the next two years.

In his inaugural address at the fourth edition of the Bangalore Bio 2004, Karnataka chief minister N Dharam Singh said, " The Biotech Park to come up on the 100 acres of land at the Electronics City at a cost of Rs 100 crore will have state-of-the-art facilities and an incubation centre for start-up biotech entrepreneurs. So far the state government has allotted only Rs 3 crore for the Park."

The state would request the Central Government's department of biotechnology (DBT) to support the project by funding Rs 50 crore, he added further.

According to Kiran Mazumdar-Shaw, chairperson, Vision Group on Biotechnology, Government of Karnataka stated that the Rs 10 crore advanced by the State Government would help to transfer the present internationally reputed academic and research centres: Institute of Bioinformatics and Applied Biotechnology (IBAB) and Centre for Human Genetics. "We need the government's support to set up the 'academic core' in business as the biotech sector is getting a national focus. The remaining companies would be coming up under a public-private partnership initiative, she stated.

To acquire the 100 acres of land, the State Government spent Rs 25 crore. The Park will now scout for developers and tenders who are expected to be floated before end of the month, informed MK Shankaralinge Gowda, secretary, department of IT, BT, science and technology, Government of Karnataka.