Karnataka nod for Biocon, Pepsico investments

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SME Times News Bureau | 26 May, 2016
A Karnataka government panel on Wednesday approved investment proposals by biotech major Biocon Ltd. and beverages firm Pepsico for setting up their new production facilities in the state.

"The state high level clearance committee has approved Biocon's Rs.1,060-crore proposal to set up a new plant for manufacturing injectable monoclonal antibodies at Jagani near Bengaluru," said an official statement in Bengaluru.

The panel, chaired by state chief minister Siddaramaiah, also cleared the Rs.590-crore proposals of Peposico India Holdings Ltd to set up a bottling and processing plant for its soft drinks and snacks at Nanjanaugud in Mysuru district, about 200km from Bengaluru.

Biocon's new facility will generate 750 jobs and Pepsico's plant 900 jobs when commissioned.

The panel also approved Rs.561-crore proposal of Manyata Promoters Ltd. to expand its IT park, convention centre and related infrastructure facilities at Thanisandra in the city's northern suburb. The project is estimated to provide jobs for 7,170 people when completed and occupied.