The TCG Urban Infrastructure Holdings Ltd in association with Maharashtra Industrial Development Corporation (MIDC) will develop a special economic zone (SEZ) in the International Biotech Park, Pune.

It is learnt that the central government has recently given formal approval for SEZ in the biotech park. The proposed SEZ, to come up in an area of 32 acres, is the part of the second phase of the expansion of the park. However, investment for the proposed SEZ is yet to be decided. The proposed SEZ is expected to attract more companies into the park, which already houses 12 companies.

Talking to Pharmabiz, Prasanta K Biswal, chief executive officer, TCG, said, "A special economic zone, for which the central government recently gave formal approval, will develop as part of the biotech park. The development of proposed SEZ will commence shortly. We are in discussions with several companies and once the SEZ is ready, the park is expected to draw more companies."

The International Biotech Park, a joint venture project between Maharashtra Industrial Development Corporation (MIDC) and TCG Urban Infrastructure Holdings Ltd, is at the second phase of development now. During this phase the promoters will construct two multi-storied buildings with all the necessary facilities. Pune University and various research institutions will aid development of research, apart from providing skilled manpower.

Companies such as Emcure (14 Acres area), Shreya Biotech (10 Acres area), Advinus, and Novartis, has already purchased plots in the park, which inaugurated in November 2003. Besides them, discussions with several other domestic companies and large-scale entrepreneurs are in the final stages. The promoters are also in the process of developing tie-ups with several research and academic institutions, international biotech parks and knowledge centres.