Bharat Biotech International Limited, one of the fastest growing biotechnology companies in India, has been selected by the Orissa government to develop the state's first public-private-partnership Biotech Pharma IT park at Andharua near Bhubaneswar.

The Orissa government has allocated 54.86 acres to Bharat Biotech, which will be handed over in two phases towards the development of the integrated industrial park to attract and promote pharmaceutical, biotechnology and IT industries in the state.

Hyderabad-based Bharat Biotech has informed that it will form a special purpose vehicle (SPV), which would further execute the lease-cum-development agreement with the Orissa Industrial Infrastructure Development Corporation (IDCO) for the setup of park at Andharua.

Bharat Biotech has significant experience in the development and successful commercialization of technology parks in India. It has also successfully developed an integrated food biotech park in Bangalore. The project is estimated to cost about Rs 100 crore, and has been scheduled to be completed in eight years.