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Indian Real Estate News : Bhubaneswar
Rs 100 cr 'Konark Knowledge Park' to come up in Bhubaneswar
Source: Nageshwar Patnaik, The Economic Times Oct 25, 2009
A knowledge park is coming up here at an estimated cost of Rs 100 crore. This is the first public private partnership integrated industrial park by Government of Orissa and Bharat Biotech International [BBI].

Work at the 100 crore 'Konark Knowledge Park' at Mouza-Andharua near the state capital here began today with the ground breaking ceremony held here on Sunday. Chief Minister Naveen Patnaik presided over the function and planted a sapling and unveiled details of the park named as Konark Knowledge Park.

The project aims to boost investments in the areas of biotechnology and pharmaceuticals in the state of Orissa. When completed, this infrastructure will create world-class, state-of-the-art research and development enterprises in an exceptional environment designed to foster novel approaches to healthcare and its delivery.

The state government has allocated 64.86 acres of land (30 acres in Phase I and 24.86 acres in phase II) including 10 acres of land for development of Biotech Incubation Centre through a Special Purpose Vehicle [SPV] for development of an integrated industrial park to attract and promote biotechnology, pharmaceutical and information technology industries here. The land for park has been allocated in the form of a long term lease to the SPV named Konark Knowledge Park Pvt. Ltd.

The SPV will execute the Lease cum Development Agreement with Orissa Industrial Infrastructure Development Corporation (IDCO). The project is expected to be completed over a period of 8 years.

Addressing the gathering, Mr Patnaik said his government is keen to develop Mouza-Andharua, as a major Biotech, IT and Pharma hub in the state. "This PPP project demonstrates my government's vision to successfully collaborate with the private sector to not only create world class infrastructure but also create new avenues for jobs and increase investment in our local economy", he remarked.

BBI chairman Dr. Krishna Ella asserted that the park would accelerate the growth of entrepreneurship in the area of Biotech, Pharma and IT and help nurture local talent in the areas scientific in addition to technology based research and development. "This is a symbolic and a great moment as we start the construction of the Konark Knowledge Park", he said.

Orissa Industrial Infrastructure Development Corporation (IDCO) will provide all external infrastructure facilities, such as four-way lane roads to the gate, uninterrupted water supply, uninterrupted power with 33KVA sub-station, sewage etc to facilitate rapid development of internal infrastructure.

BBI has successfully developed an integrated Agri-Biotech Park in Bangalore and establishment of Genome Valley BioPharmaceutical cluster located in the outskirts of Hyderabad.

Tag: Real Estate India, India Properties, Bhubaneswar Properties
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