By IANS
Hyderabad : The biotechnology sector in the southern state of Andhra Pradesh is expected to attract Rs.17.30 billion worth of new investments.
Minister for Major Industries J. Geetha Reddy Wednesday said that while Biocon has proposed an investment of Rs.10 billion, integrated systems biology platform company Avesthagen and US-based firm DuPont are planning to invest Rs.5 billion and Rs.3 billion respectively. The investments are expected to generate employment for about 60,000 people.
While announcing that the fifth edition of Bio-Asia, the annual global bio business forum, will be inaugurated here by Vice-President Hamid Ansari Feb 7, Reddy said the sector has attracted investments worth Rs.3.2 billion since the first edition of Bio Asia.
The vice-president will also lay the foundation stone for the Rs.5 billion national animal resource facility for biomedical research and Rs.1.5 billion centre for stem cell sciences.
The minister said Rs.2.5 billion would be invested in the first phase of the animal resource facility, a project of the Indian Council of Medical Research.
The stem cell centre is being established by the centre for liver research and diagnostics with the support of the state government.
Ansari will also inaugurate the Rs.300 million biotechnology incubation centre set up jointly by the Indian Institute of Chemical Technology and the department of biotechnology. The incubation centre will have research and development laboratories, multi-utility plant, analytical and quality control centre and human resource training centre.
Reddy said Andhra Pradesh Industrial Development Corporation Venture Capital will launch a new Rs.2 billion fund to invest in new ventures. Shapoorji Pallonji Biotech Park has also proposed the setting up of a Rs.500 million fund to encourage biotech companies.
Two Nobel laureates – Sir Martin J. Evans and Barry J. Marshall – will also attend Bio Asia and deliver lectures. They will be among 20 internationally renowned scientists who will address the conference. Evans will also be conferred with this year’s Genome Valley Excellence Award.
Andhra Pradesh is one of the pioneers in India in the biotechnology sector. The state capital has emerged as a biotechnology hub with the setting up of biotech parks in Genome Valley, a 600 sq km area exclusively for biotech companies.