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Bangalore attracts $400 M investment in biotech
By agencies
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Wednesday, 20 April 2005, 19:30 IST
BANGALORE: Bangalore has attracted 18 new biotechnology firms and a total investment of $400 million (Rs 1,800 crore), including Rs 750 crore from Indias biggest biotech firm Biocon, in the last 12 months.
"Last year, 18 new firms set up shop in Bangalore. We have received investments of $400 million, which includes 
750 crore from Biocon as part of their expansion plans," Karnataka IT and BT Secretary M K Shankaralinge Gowda said.
Gowda said biotech exports from Bangalore was expected to be about $500 million in 2004-05.
Gowda said some of the firms who began operations last year include U.S.based Invetrigen and Accacia Serum, besides Indias Molecular Cellular Research.
Biocon Chaiarperson Kiran Mazumdar Shaw said global firms were looking at India as R&D hub for their operations and Bangalore was the first choice. "Lot of companies look at this part of the world for R&D outsourcing and their first choice is Bangalore."
750 crore from Biocon as part of their expansion plans," Karnataka IT and BT Secretary M K Shankaralinge Gowda said.
Gowda said biotech exports from Bangalore was expected to be about $500 million in 2004-05.
Gowda said some of the firms who began operations last year include U.S.based Invetrigen and Accacia Serum, besides Indias Molecular Cellular Research.
Biocon Chaiarperson Kiran Mazumdar Shaw said global firms were looking at India as R&D hub for their operations and Bangalore was the first choice. "Lot of companies look at this part of the world for R&D outsourcing and their first choice is Bangalore."