The Shapoorji and Pallonji Biotech Park, in association with the department of biotechnology, Andhra Pradesh department of industries and commerce, and Indian Institute of Chemical Technology, has set up the country's first biotech incubation fund with a Rs 23 crore (Rs 230 million) corpus in Hyderabad on Monday.
The fund will be used to provide assistance to the start-up biotech companies, and its size is likely be increased by another Rs 5 crore (Rs 50 milllion) with private participation.
Speaking at the launch of the fund, Union minister for science and technology Murali Manohar Joshi said that encouraged by the potential growth of the biotech companies in Andhra Pradesh, the three institutions had established a strategic link to set up the incubator fund.
Chief minister N Chandrababu Naidu said equipment would be provided to start-ups by the state's department of biotechnology and infrastructure support by the state government.
The Indian Institute of Chemical Technology would offer the incubation support.