The Hindu Business Line : BioAsia 2008 likely to draw Rs 1,730-cr investment

Hyderabad, Jan 16 Investments of around Rs 1,730 crore would be made in Andhra Pradesh by leading biotech companies over the next three to five years, according to Ms J Geetha Reddy, State’s Minister for Major Industries, Sugar and Commerce.

Speaking at a news conference to announce the BioAsia 2008 here on Wednesday, Ms Reddy said the flagship biotech event, being organised by the State Government since 2004, could bring in Rs 2,050 crore of investment.

“Of this, Rs 320 crore had already been invested while the remaining Rs 1,730 crore investment is in the pipeline,” she said.

These include Rs 1,000 crore by Biocon, Rs 500 crore by Avesthagen, Rs 300 crore by DuPont. The US-based EPR and Oncoma Group had also expressed interest in investing in Andhra Pradesh the details of which are yet to be confirmed, according to Mr K.R.K. Reddy, Director, Biotechnology.

Investment Fund

Mr B.P. Acharya, Director, Andhra Pradesh Industrial Infrastructure Corporation, said APIIC Venture Capital Fund and Shapoorji Pallonji Biotech Park would provide assistance at the Biotech Incubation Centre (BTIC) set up by the Indian Institute of Chemical Technology at SP Biotech Park in Genome Valley.

“APPIIC-VC has earmarked Rs 200 crore while Shapoorji Pallonji has come forward with Rs 50 crore fund,” he said.

BioAsia

The firth edition of BioAsia, to be held between February 7 and 9, would drive in further investment in the biotech sector, he added.

The three-day event, to be inaugurated by Mr Hamid Ansari, Vice-President of India, would feature two special lectures by Nobel laureates Mr Martin J Evans and Prof Barry J Marshall on embryonic stem cells and helicobacter pylori respectively. Mr Evans would also be conferred this year’s Genome Valley Excellence Award.