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News >> Technology >>
Rajasthan plans Biotech park
By siliconindia
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Friday, 16 May 2003, 19:30 IST
JAIPUR: The Rajasthan State Industrial Development & Investment Corporation Ltd (RIICO) has decided to set up a biotechnology park in Rajasthan.
The package has been launched to cash on the boom in the bio- technology field. Biotechnology employs about 30,000 people and generates $ 2 billion in revenue annually. The figure is expected to surpass $ 5 billion by the year 2002.
States like Andhra Pradesh and Karnataka have already launched bio- technology policies to attract investment in this sector. These states are extending lucrative incentives such as exemption from payment of entry tax, 50 percent concession on stamp duty and registration, total exemption from electricity tax for a period of five years on captive power generation, land rebate, etc to bio-technology industries.
Rajasthan has so far not attracted any major biotechnology player inspite of the fact that the University of Udaipur is engaged in bio- technology research and the University of Rajasthan is offering courses in B. Sc. in biotechnology and BITS and Pilani in M. Tech (Bio).
It is understood that RIICO has decided to offer land at 40 percent of prevailing industrial rate in specially designated biotechnology zones to the companies having a turnover of over Rs 100 crore.
To avail the concession, the companies would have to make a minimum fixed investment of Rs 10 crore on the allotted land within a period of four years from the date of allotment. General biotechnology and bio-informatics units would be allotted land upto five acres in specially designated biotechnology zones and 40 percent upfront discount on prevailing industrial rate would be allowed.