Bidders line up to build 5,000-acre innovation park | india | Hindustan Times
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Bidders line up to build 5,000-acre innovation park

india Updated: Dec 16, 2009 00:55 IST
HT Correspondent
HT Correspondent
Hindustan Times
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Ten companies have shown interest in building a 5,000-acres innovation park in the city, indicating that corporate houses have large land banks.

The Mumbai Metropolitan Region Development Authority (MMRDA) mooted the idea of an innovation park. The park will house scientific research centers that will provide at least 25,000 scientists with facilities to conduct research and development work.

“We have received bids from 10 parties,” said Metropolitan Commissioner Ratnakar Gaikwad. “We will soon finalise who will build the innovation park.”

Among those who are keen to build the facility are DSK Developers Limited, Arrow Engineering Private Limited, Lavasa-HCC, Mahindra Life Spaces, Ackruti City Limited and Indiabulls Real Estate.

The MMRDA has planned 2,000 Research Centers at the park where scientists from over 100 countries will conduct research. It will also facilitate interaction between scientists and businessmen who can market the technologies or products.

“The park will help researchers transfer knowledge to the market place and will help in the economic development of the Mumbai Metropolitan Region,” Gaikwad said.

MMRDA was seeking builders with a land bank of about 5,000 acres and people who would finance the project. The agency will contribute only 26 per cent equity but will help with clearances and creating infrastructure in areas surrounding the park.

Scientists at the park will work in the areas of pharma, nano and biotechnology, micro electronics and embedded systems, perfumes and aromatic compounds, water technologies, green energy, efficient lighting and health among others.

MMRDA claims that the park will create at least nine lakh jobs in the scientific and allied sectors. The MMRDA is consulting the Science and Technology Park, University of Pune, for the project.