The Gujarat Akruti-TCG Biotech Ltd, a joint venture company of Government of Gujarat in collaboration with the Mumbai based Akruti City Ltd and The Chatterjee Group (TCG) Ltd, may launch the much awaited Gujarat Biotech Park (GBTP) at Savli, Vadodara soon. The clearance processes are in an advanced stage and the park is likely to get inaugurated by April.

Informed sources said that the company has already completed development of basic infrastructure in an area of 90 acres, with most of the plots already sold out to major biotech companies in India and abroad. The project is currently undergoing second phase of the development with the 131 acres land handed over by the Gujarat Industries Development Corporation (GIDC) on February 8, 2008.

The JV company will invest around Rs 200 crore for the second phase of project, while the first phase of basic infrastructural development was completed by state government funds. The project is expected to be completed with a total investment of Rs 2000 crore, according to an Akruti City official.

In the second phase, GATBL will initiate its operations starting with surveying, construction of boundary wall and road work in the park. The company has prepared a master plan through the Australia-based HBO+EMTB, which had designed master plans for various world class biotech parks.

The public private partnership company, GATBL, is currently in discussion with various power project companies to set up a 50-megawatt power plant in the park for industrial purpose. The capacity of the power plant will be stepped up to 250-megawatt in the third phase of the GBTP project, which will cover another nearly 500 acres area and that will make the total area of the park at 700 acres. Currently, the biotech companies can utilize the 5.5-megawatts offered by the state government for initial purposes.

"The Park will provide Built to Suit plots, Multi Tenant wet labs on Plug & Play basis and Service / business arcades. Possession of the built to suit plot will be made immediately to the interested biotech companies," said Ajay Pawar, General Manager, Gujarat Akruti TCG Biotech Limited. Apart from these infrastructure facilities, the company also proposes to develop a self sustainable modern township within the park to encourage a 'stay and work culture', he added.

"We have already received approval from the state government for the project. The central government has asked some clarifications on the project and we are taking the necessary steps on it. We expect some developments on this front from the centre in the next 15 to 20 days," informed Akshay Kumar Saxena, mission director, Gujarat State Biotech Mission (GSBTM).

Designed to complete in three phases, the project has been developed with the help of the credit ratings organization, Credit Rating Information Services of India Limited (CRISIL), Yes Bank, Corporation Bank and other investment advisors. The Akruti City has a major stake of more than 60 per cent in the consortium, while TCG would hold 23 per cent stake and the remaining would be held by the Gujarat government.