Hyderabad: City-based Bharat Biotech International Ltd, a producer of vaccines and biotherapeutics announced that the Orissa government has selected the company as the developer for its ‘Biotech-Pharma-IT Park’ project under public-private-partnership (PPP) mode.

The proposed industrial park is coming up on a 54.86 acre land located at Mouza-Andharua in Bhubaneswar.

BBIL will promote a Special Purpose Vehicle (SPV) to undertake the integrated industrial park. The project is estimated to cost Rs100 crore and is slated to be complete in eight years, a press release issued here stated.

“Our task is to focus on rapid development of this park by developing core infrastructure and technology to enable establishment of new companies whereby new local entrepreneurs in the biotechnology field will be created,” BBIL Chairman and Managing Director Krishna Ella said in the release.

About 10 acre land, within the park, is earmarked for development of biotechnology incubation centre, which will be funded by Department of Biotechnology, Government of India, for the equipment or instrumentation.

A formal lease-cum-development agreement will be signed between the SPV and Orissa Industrial Infrastructure Development Corporation (IDCO).

The Orissa government and IDCO, in principle, have agreed to provide all the external infrastructure facilities like power supply, water supply among others, the release added.