Cabinet approves BT park in Mysore

Cabinet approves BT park in Mysore

Law and Parliamentary Minister S Suresh Kumar told reporters that Neutri / Neutraceutical and phytopharmaceutical  (N2 - P2) BT park will be set up under public private partnership (PPP) model. JSS College, Mysore, has been selected as the private partner.

The government will invest Rs 20 crore, while the private partner will bear the remaining cost of the project. JSS College will use its land of about 51.13 acres for the project.

The government had invited tenders for setting up the park under the condition that the bidders should possess at least 50 acres in and around Mysore city. JSS College, which was one of the two bidders, was selected as the private partner.

PPP model

As per the condition, the private partner should first transfer the ownership of the land to a joint venture company to be set up comprising JSS College and Karnataka Biotechnology and Information Technology Services (K-BITS), a government of Karnataka undertaking.

Then, the government will release its share of Rs 20 crore in two years for the project.  Suresh Kumar said the project has been chalked out as per the recommendations of Karnataka Vision Group on BT headed by Kiran Mazumdar Shaw.