Industry & Economy
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Bio-tech & Genetics
ICICI Bank signs MoU with Maharashtra
Our Bureau
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Financing of biotechnology projects
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Mumbai
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Nov. 14
ICICI Bank has signed a memorandum of understanding with Maharashtra Government to finance biotechnology projects, on a preferential basis.
"The bank may also fund infrastructure projects," said Mr Vijay Chandok, senior general manager-SME group, ICICI Bank.
The bank has an initial corpus of Rs 1,000 crore for advances to the pharmaceutical sector, of which Rs 650-700 crore which has been approved. "The growth engines in the SME sector, are bio-tech and pharmaceuticals, growing at more than 50 per cent," said Mr Chandok, at a seminar on `Bio Business" organised by CII.
Referring to the shortage of skilled labour, Mr V.K. Jairath, Secretary, Industries, Energy and Labour, said, the Government proposes to have a labour market information cell based on industry demand. The cell will also aid reworking the syllabus for biotechnology courses.
"Here, the Government's role is that of an enabler," said Mr Jairath. The Government plans to open specialised training institutes with short-term courses apart from creating two million jobs in the next four years.
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