Innovation Park draws overwhelming response

The Mumbai Metropolitan Region Development Authority (MMRDA) received overwhelming response to the pre submission meeting held on November 13, 2009 and chaired by Mr.Ratnakar Gaikwad, Metropolitan Commissioner. More than 25 interested parties, including the top global and national brands attended the meeting and showed keen interest in developing the Innovation Park, which will boast of global standards and will be Asia’s biggest.

“The basic concept of the Innovation Park was explained to them and the general pulse was that everyone was eager to be associated with the concept which is envisaged as the city of wisdom, knowledge and creativity”, said Mr.Gaikwad. “After all, the Innovation Park is sure to be the global destination for scientific community and business”, Mr.Gaikwad further added.

The major participants included Sun Capital Advisory Services Pvt. Ltd., Bharati Group, Unity Infra Projects Ltd., Ackruti City Ltd., Reliance Infrastructure, Rameshwar Vaibhav Development Pvt. Ltd., A.P.N.A. Worldwide, Lodha group, Alexandaria Equities Management (India) Pvt. Ltd., Shochida-Biotech, Lavasa Corporation Ltd., Moshin Holdings Pvt. Ltd. (AUS CLUSTER), Geodesic Techniques Pvt. Ltd., India Real Estate Ltd., Indiabulls, IL&FS Infrastructure Development Corporation Ltd., Arrow Engineering, Sheth Infrastructure, Nandi NGO and Sixth Sense Infrastructure.

All the interested parties were taken through a detailed presentation on the concept and reasoning vis-a-vis the necessity of such an Innovation Park. The Innovation Park will have global standard research centers, International convention centre, Business incubators, Design Institutes etc. The focus areas can be the domains like petro chemical laboratories, pharmaceuticals, Bio technology, bio-polymers, micro electronics, embedded systems, perfumes, aromatic compounds, water technologies. Clean technologies, green energy, fuel cells, digital media, health etc. Of course, the final research domains will be decided in consultation with the bidder finalized depending on the potential.

The interested parties were also briefed about Sophia Antipolis, France. The MMRDA has already secured an assurance from Mr.Litaffe, the Director of the Park, to the effect that they will help MMRDA set up Innovation Park in India. Mr.Litaffe has also assured to depute about 25 top scientists to MMRDA in the process of establishing the park. Nobel laureates and renowned scientists from more than 125 countries are working with the Park in Sophia Antipolis and it makes a business worth more than 3 billion USD every year.
“Realizing the scope for development, the requirement of 5,000 acres land and the significance of the project, the developers requested for extension of the date to submit their offers and accordingly it has been decided to extend the last date of submission of offers up to November 30. They will be evaluated by the core committee, which will shortlist a few for the next round. We have also allowed joint ventures”, said Mr.S.V.R.Srinivas, Additional Metropolitan Commissioner, MMRDA.

The Authority will contribute 26% of equity in the project and will share net profit in proportion to its equity and expects the interested parties to arrange for land, debt and balance equity. The Authority will facilitate clearances and town planning compliances also, as per the rules.

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