The state government, on Wednesday, cleared biotechnology major Biocon Ltd.’s Rs. 1,060 crore investment proposal for setting up a pharmaceutical plant on the outskirts of the city.
The proposed plant, which will come up Jigani in Anekal taluk, will manufacture injectables, monoclonal, and anti-bodies vaccines. A meeting of the State High Level Clearance Committee (SHLCC) chaired by Chief Minister Siddaramaiah cleared the proposal, which is expected to generate 700 jobs in the plant.
Biocon Ltd., publicly listed company in 2004, is country’s largest and fully-integrated, innovation-led bio-pharmaceutical company. It is committed to reduce therapy costs of chronic diseases, such as autoimmune, diabetes and cancers.
The Bengaluru-based biotech company, headed by Kiran Mazumdar-Shaw, reported a net profit of Rs. 896 crore for the 2015-16 financial year, a rise of 80 per cent against Rs. 497 crore in the previous financial year (2014-15).
Today’s 44th SHLCC meeting cleared a total investment of Rs. 2,211 crore, which is expected to provide employment to 8,820 people.
The committee approved Pepsico India Holdings Pvt. Ltd.’s Rs. 590 crore investment proposal for setting up a beverages and snacks manufacturing unit at Adakanahalli, Nanjangud taluk of Mysuru district. The proposed plant will provide jobs to 900 persons, according to a statement issued by the state government.
The SHLCC cleared expansion project of Manyata Promoters Pvt. Ltd. involving investment of Rs. 561 crore. The promoters will set up an Information Technology Park and allied infrastructure such as hotel, convention centre, retail and commercial space at Nagavara, Rachenahalli and Tanisandra villages in Bengaluru. The Karnataka Industrial Area Development Board (KIADB) has granted lands to Manyata Promoters Pvt. Ltd. in three villages.
Industries Minister R.V. Deshpande, Chief Secretary Aravind Jadhav and Additional Chief Secretary of the Department of Commerce and Industries Ratna Prabha attended the meeting.
