Biocon chief lauds Karnataka govt

 Biocon Chairman and Managing Director Kiran Mazumdar-Shaw on Friday hailed the Karnataka government for its support to industry and development initiatives, which helped her company rise as a giant in the field of biotechnology.

Addressing a session on ‘Promoting Indian Entrepreneurship’ at Invest Karnataka 2016, the Biocon chief cited her own example to drive home the point.

First loan

“When I embarked on my most memorable and exciting journey of starting a biotechnology company in 1978, it was the Karnataka State Financial Corporation (KSFC) which provided the first loan.

The enterprising spirit and manpower talent base of Bengaluru, as well as the proactive attitude and policies of the State government, were the main reasons for the emergence of Biocon as Asia’s largest biotechnology company,” Kiran Mazumdar-Shaw said.

Govt support

The Biocon chief’s words draw a parallel with the experience of Infosys Co-Founder and Chairman Emeritus N R Narayana Murthy, which he shared on Wednesday that his company would not have materialised, but for support from the Karnataka government, and the sanction of a loan of Rs 50 crore by the Karnataka State Industrial Investment and Development Corporation (KSIIDC) and KSFC in 1983, after MNC banks refused to lend the then young venture.