Developers Akruti Nirman, in
partnership with the TCG Group, will develop a 700-acre biotech park at Savli
near Vadodara. A special purpose vehicle (SPV) will also include the Gujarat
government as a minority stakeholder. Dominant partner Akruti Nirman is
expected to bring in Rs.200 crore as investment.
Akruti Nirman and the TCG Group have
signed a memorandum of understanding (MoU) with the Gujarat Government that will
give Akruti an equity stake of 66 per cent, TCG 23 per cent and Government of
Gujarat 11 per cent. The project at Savli located 8 km from Vadodara-Ahmedabad
Express Highway, will be developed in three phases.