Orissa is well set on the path to emerging as a hub for biotech, pharmaceuticals and bioinformatics in India with the work on the Konark Knowledge Park getting under way in the state on Monday.
Chief minister Naveen Patnaik laid the foundation stone for the project at Andharua Mauza on the outskirts of the state capital Bhubaneswar on Sunday.
Speaking at the function, Patnaik expressed confidence that the Park incorporating state-of-the-art infrastructure and facilities would attract entrepreneurs to put up production units, encourage research and development and generate large-scale employment.
Konark Knowledge Park to be developed in association with Bharat Biotech International Limited, a Hyderabad-based vaccines and biotherapeutics major involves an investment of Rs100 crore and is scheduled for completion in eight years.
The state government through Industrial Development Corporation Ltd (IDCO), has allocated 64.86 acres for land to the project of which 30 acres will be made available for phase-I and the rest 24.86 acre will be allotted in phase-II. The allotment would include 10 acres for development of a Biotech Incubation Centre through an SPV for the development of an integrated industrial part to cater to the needs of researchers, entrepreneurs and students.
The biotech incubator will receive funding by from the Department of Biotechnology of the government of India.
The University of Wisconsin, US is also one of the promoters of the project.