Pharma companies in talks with MIDC

Mumbai: Glaxo SmithKline, Wockhardt, RPG Life Sciences, Nicholas Piramal and the Pune-based Emcure Pharmaceuticals have initiated talks with the Maharashtra Industrial Development Corporation (MIDC) to set up research and development units in the proposed biotech park at Hinjawadi, Pune.

The park is likely to be developed by 2002 end. MIDC officials say other pharma companies have also shown interest in setting up biotech research units in the 120-acre park. MIDC, the developer of the park, would submit the final draft of the project to the Maharashtra government this month for further approval of the state cabinet.

The state government had asked leading consultants Ernst and Young and Rabo Bank India to assist the corporation in locating a strategic partner for further development of the park and also to find an investor for setting up goods manufacturing practice facilities and development of a common infrastructure required for biotech companies.

It is learnt that Rabo Bank has already inched a step further and has initiated some action towards development of an appropriate plan for the development of the biotech park. The merchant banker is currently engaged in mobilising funds for the proposed park.

According to MIDC sources, Ernst and Young will be the advisor to the state government on the biotech sector to facilitate investments for the park. It will help MIDC to locate investors for setting up common infrastructure for the occupants. It will also help the Corporation to develop tie-ups with international academic institutions, multilateral agencies and corporates to market plots for Indian pharma companies as well as MNCs.