Industry & Economy
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Bio-tech & Genetics
Maharashtra appoints Yes Bank as biotech advisor
Our Bureau
Mumbai
,
Sept. 22
MUMBAI is set to make its mark on the biotech map of the country.
Taking its initial steps in this regard, the Maharashtra Government has appointed Yes Bank as its advisor for the proposed life sciences and biotechnology project in the city.
Yes Bank will help develop a comprehensive business and financial strategy to leverage Mumbai's strengths in life sciences and biotechnology, a company communiqué said.
The entrepreneurial bank would prepare a feasibility report in terms of what would be required to make the city a biotech hub. The bank would look at the potential of local pharma and biotech companies, besides the infrastructural requirements that the State Government would have to put in place, said an official familiar with the development.
"Infrastructural requirements would include a biotech park. Hyderabad and Pune, for instance, have put in place bio-tech parks to attract companies," he said.
While there is no time-frame by when the project report has to be submitted, the official said that the bank would look to complete it at the earliest, so that Government clearances could be got to begin work.
No financial estimates have been put on the size of the project, he added. The biotech project would help bring investments into the State, the note said.
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