The Hindu Business Line : ICICI Knowledge Park plans seed fund

Advertisement

Hyderabad Feb. 21 ICICI Knowledge Park is launching a seed fund for research and development in life sciences and information technology by September 2007.

It is also in talks with Merck, which is looking at setting up its research and development unit in India.

Addressing the `Bio Asia 2007' meet here recently, Ms Deepanwita Chattopadhyay, CEO, ICICI Knowledge Park (IKP), said that they were planning to set up a centre for advancement in agricultural practice by March 2007 to help the farming community take advantage of the knowledge from academic institutions.

On the sidelines of the meet, she told Business Line that IKP was launching a seed fund by September 2007.

This would be Rs 100-crore IT-BT seed fund. Of this, Rs 50 crore would be for biotechnology and the rest for IT, which would be funded by Nasscom, according to sources.

Government sources also informed Business Line that Merck is looking at setting up a unit in India and the possible two destinations it is considering are, Pune, where it has its headquarters, and the IKP at Hyderabad.

Collaborations

During the three-day meet, 30 business-to-business meetings were arranged between scientists and venture capitalists, academia and the business community, and 11 letters of intent signed.

An MoU was signed between the Federation of Asian Biotech Association (FABA) and the Supreme Council of Biotechnology of Iran.

Dr Anwar Nasim, President, FABA said Pakistan-based company Amason is in talks with Shantha Biotechnics for Hepatitis B virus.

Mr Raveen Reddy, Additional Secretary, Government of Andhra Pradesh, said that an agreement was signed between ICRISAT and ITC for research collaboration.

Ocimum Biosolutions has entered into a letter of intent for development of micro array chip on a medicinal plant with Central Institute of medicinal and aromatic plants.

Stem cell bank

Other letters of intent were signed, according to Mr Reddy between Dr Kaiser Jameel of the Indo-American Cancer Institute and Dr Sharon Low, MD StemLife, Malaysia, in the area of adult stem cells from peripheral blood. Dr Sharon Low also signed another letter of intent with Dr Habibullah, Director, Centre for Liver Research & Diagnostics (CLRD), Hyderabad, for setting up a stem cell bank.

ReedSmith, a US-based law firm, is in talks with four-five pharma companies for IP protection ties.

More Stories on : Venture Capital | Research & Development | ICICI Bank Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page