The 136-crore project will be set up jointly by the state government, around 50 pharmaceutical and biotechnology companies.
Shekhar Patel, Ganesh Housing Corporation Limited managing director, and Bhavin Patel, head, business development, signed the MoU with the state government.
The state government was represented by R J Shah, chief industrial advisor to the state government.
Under the MoU, GHCL will invest Rs 16 crore, while over 50 pharmaceutical and bio-technology units will invest the remaining Rs 120 crore.