The Tamil Nadu government on Wednesday laid the foundation stone for the second biotechnology park in Chennai. The project, estimated to cost Rs 120 crore, would attract investments worth Rs 500 crore.
Deputy chief minister MK Stalin laid the foundation stone for the park at Taramani here.
The Tamil Nadu Industrial Development Corporation (Tidco) and Tidel Park Ltd have proposed to invest Rs 20 crore and Rs 40 crore respectively as equity investment in the Ticel Biotechnology Park II.
In addition, the Software Technology Parks of India has proposed to invest Rs 20 crore while it has been proposed to obtain Rs 40 crore as term loan from financial institutions.
The park would be completed in 2011 and provide employment opportunities to 1,500 scientists.
Upon completion of the second park, Ticel has proposed to establish a third one with an investment of Rs 70 crore.
All the three parks will house labs spread across 1.1 million sft for research and development activities.