CM lays foundation for Rs 5000 cr Lifesciences Park promises to make K'taka 'BT Hub'

Source: PTI | Published on 29th July 2020, 7:35 PM | State News |

Bengaluru: Karnataka Chief Minister B S
Yediyurappa on Wednesday assured that the government would
take necessary steps to ensure that the state emerges as the
'BT Hub,' as he laid the foundation stone for the Rs 5,000
crore Bengaluru Lifesciences Park.

He also said the government would extend support on
priority basis to the Biotechnology sector, calling it the
"power" of the state's economy.

The government would accord importance to the sectors of
Information Technology and Biotechnology, which play an
important role in the economy, as well as employment

generation, Yediyurappa was quoted as saying in a release.
"We have already implemented many reforms and an
industry-friendly environment has been created. We shall give
more importance to commerce and industry," he said.

Equipped with best biotechnology infrastructure, the nine
million square feet Bengaluru Lifesciences Park will come up
on a sprawling 52.27 acres at a cost of Rs 5,000 crore.
The project is being set up under a Public-Private
Partnership with the government of Karnataka and private
entity Labzone Corp.

The first phase will be completed by December 2022.
"The Bengaluru Life Sciences Park will help in expanding
the perimeter of the state's Biotechnology sector. I am
confident that this park will give a unique gift to Bengaluru,
which is already known as the BT Capital of India.

The state government has released a grant of Rs 150 crore
towards this project," Yediyurappa said.

The park will house more than 150 companies and more than
100 start-ups will be established.

This would generate employment for more than 50,000
(direct and indirect) people, the Chief Minister said, adding
that this project would make a significant contribution to the
state's economy.

At present there are 380 companies and more than 200
start-ups involved in the Biotechnology sector in the state.

In Asia, Karnataka has nine per cent market share in the
biotechnology sector, while in India, it commands 35 per cent.
"This percentage should increase significantly in the
coming days and the government is ready to extend the required
facilities in achieving the same," Yediyurappa said.

Deputy Chief Minister C N Ashwath Narayan, who is also
the minister for IT/BT & Science and Technology department,
said that the time has come for setting up of the Bengaluru
Lifesciences Park, which was envisioned 20 years ago.

"The state's BT sector, which has already emerged
successful, will be further strengthened through this park.
Research and Development will take place under one roof.
This is becoming a reality by the will of this

Once the project gets completed, Bengalurus prestige
will go up on the world map," he said.

The Deputy CM noted that the government has worked
towards creating an investor friendly atmosphere in the state
by bringing in amendments to the Land reforms Act, APMC Act,
and relaxing several Rules, Legal hurdles that came in the way of research and
innovation has been fixed and government has set up the
Karnataka Innovations Authority and through 'Invest
Karnataka', provided an open opportunity for investors.
The new life sciences park will be built near the
electronic city area of Bengaluru and will be part of the
existing space that already houses Biotech innovation centre
and other facilities and will synergize both IT and
biotechnology sectors, officials have said.

The park will have a dedicated incubation space with
shared instrumentation lab facilities and customisable fully
fitted lab and office suites, they said.

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