Mumbai to develop as lifesciences, biotech hub

Yes Bank appointed advisor

The Maharashtra government has appointed Yes Bank as advisor for chalking out the roadmap for the proposed thrust into life sciences and biotechnology projects in Mumbai city.

A concept note submitted by the private sector bank has identified Mumbai city's inherent advantages to sustain such a thrust by harnessing the collective synergies of the (government owned) Haffkine Institute of Research and Technology, UDCT, Indian Institutes of Technology (IIT), several hospitals and pharmaceutical companies located in and around the city.

According to Sanjay Ubale, secretary, special projects of the Maharashtra government, "The proposed thrust for life sciences and biotechnology projects is part of the envisioned roadmap aimed at transforming Mumbai into a world class city as drawn out by the 'Mumbai First' report drafted after the Mckinsey report. Yes Bank had approached us some time ago about their keenness to be associated with this initiative and have been asked to submit a report in the next three months on the proposed thrust for the sunrise sectors of lifesciences and biotechnology projects in the city."

He added that, similarly, thrust areas of tourism and entertainment, would also be high priority areas of emphasis for the city's transformation into a commercial hub cum cultural capital in the country.

The Haffkine research facility located in the central Mumbai district of Parel has also indicated its willingness to upgradation of its existing facility.

The concept note submitted by Yes Bank identifies the huge brand equity possessed by Haffkine as well as that of the information technology institutes that may be harnessed towards the creation of several high end jobs in lifesciences and biotechnology.

Yes Bank's chief executive officer and managing director Rana Kapoor said, "We consider this project an outstanding opportunity to contribute towards further developing the lifesciences and biotechnology sectors where India, and Mumbai in particular, has a crucial role to play. This sector has evolved to a level where it needs business and financial partners."

A release issued by the bank added that the bank would focus on developing a comprehensive business and financial strategy to leverage Mumbai's inherent strengths and future growth plans to realise the industry potential of lifesciences and biotechnology in the city.

The bank has established a dedicated life sciences team with strong relationships, domain expertise and experience for the highly knowledge intensive sector as well as infrastructure sectors.