ICICI Knowledge Park seeks lease term of 99 years

ICICI Knowledge Park, a pharmaceutical and biotechnology research facility, has approached the government for extending the lease-term from the present 25 years to 99 years to attract more companies to utilise the build-your-own facility scheme at the park. The park is set up by ICICI Bank and the Andhra Pradesh government.

Addressing a press meet on Saturday, ICICI Knowledge Park CEO Deepanwita Chattopadhyay, said, "Looking at the demand from companies we have approached the government for a greater lease period."

The park recently lost Sigma Aldrich's proposed venture with huge investments at the park due to the short lease period, she added. She said that the park proposes to enter the third phase with an investment of Rs 7 crore. Of this, the park would be raising Rs 1.5 crore internally, while the balance would be raised through other sources, including ICICI Bank.

"In the third phase we would be providing another 22,000 sq ft to provide multi-tenant facilities and the space would house 13 laboratories," she said. The third phase is expected to ready by the end of 2005.

The first and second phase occupies about 58,000 sq.ft and has seen investments close to Rs 39 crore.

The park would also see incubation labs for the benefit of small and medium companies and individual researchers. "The total cost of this project is around Rs 3 crore and the labs would be operational by March 2005," she said.

Of the total 200 acres, 90 acres have been dedicated for lab spaces and the rest for developing as a green belt. The park currently houses 14 companies and Chattopadhyay said that foreign companies in the area of pharmaceutical and biotechnology research have shown interest to set-up facilities.