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TN govt-Cornell varsity in pact for Rs 1 bn biotech park

In a major initiative, after setting up the software establishment Tidel Park, Tamil Nadu government today signed a Memorandum of Understanding with Cornell University of the US for setting up of a Rs 1 billion biotechnolgy park in Madras.

The proposed initiative, the first phase of which would come up in a year's time encompassing 100,000 sq ft area, would facilitate research and enable bio-entreprenuers to commercialise their research findings, validate products, and contract 'sequence' services, Tamilnadu Industrial Development Corporation (TIDCO) Chairman, N Madhavan Nambiar told mediapersons on Monday after signing the MOU.

The park would provide other services like training on a commercial basis, he said adding that it would also facilitate allied industries including food.

He said funds were being sought from the Union government's Technology Development Board, Union Department of Biotechnology and venture capital, which would help put up the infrastructure in the proposed park.

"Looking from the point of view of tenancy occupation, we are confident that funds will flow in," he said.

The Cornell representative, Professor K V Raman, said the university would provide technical support and collaborate for the setting up of the park.

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