By IANS
Chandigarh : The Haryana government Tuesday approved in principle a proposal to set up a European Technology Park with an investment of nearly Rs.15 billion ($372 million).
The park, approved by the Haryana investment promotion board, is likely to be set up on 500 acres of land at Manger village in Faridabad district adjoining national capital New Delhi.
Chief Minister Bhupinder Singh Hooda said that the project is expected to attract European companies to establish their high-end research and development units in the field of biotechnology, pharmaceuticals and other scientific fields.
He said the project will bring foreign direct investment (FDI) worth billions of rupees in the state.
The proposed park will have different areas for commercial activities, a residential zone, an academic campus and entertainment facilities.
Nearly 200,000 people are likely to get direct and indirect employment with the establishment of the park to be set up in a phased manner in seven years.
The park will be a joint venture between the Haryana Industrial and Infrastructure Development Corporation (HSIIDC) and a Dutch-Haryana business consortium formed last year during Hooda's visit to The Netherlands.