Developers Akruti Nirman, in partnership with the TCG Group, will develop a 700-acre biotech park at Savli near Vadodara. A special purpose vehicle (SPV) will also include the Gujarat government as a minority stake holder. Dominant partner Akruti Nirman is expected to bring in Rs 200 crore as investment.
Akruti Nirman and the TCG Group have signed a memorandum of understanding (MoU) with the Gujarat Government that will give Akruti an equity stake of 66 percent, TCG 23 percent and Government of Gujarat 11 percent. "The project at Savli located 8 km from Vadodara-Ahmedabad Express Highway, will be developed in 3 phases," said Mr Hemant Shah, Chairman of Akruti Nirman.
The proposed Park will address the biotech industry's need for specialized infrastructure. It is expected to encourage new biotech enterprises and drive life sciences research, a release said. The biotech park will offer plug-and-play R&D infrastructure in the form of modern modular wet laboratories and also develop independent plots for manufacturing facilities.
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