Guwahati, June 15: The department of biotechnology, under the Union ministry of science and technology, has sanctioned Rs 24 crore for setting up a state-of-the-art biotech park for Assam which will help carry out high-end research in the field of biotechnology.

The park, to be known as Guwahati Biotech Park, will be the only one of its kind in the region. It will be situated at IIT Guwahati.

“A society has been formed which will run the park and Rs 24 crore has been sanctioned by the department of biotechnology for it,” the director of Assam Science Technology and Environment Council, Niraj Verma, said today.

The park will be known as Guwahati Biotech Park.

Verma said the huge cost is because of the state-of-the-art facilities, which will be in the park. He said a chief executive officer has already been appointed for the purpose.

“This will be a common research facility for biotechnology,” Verma said.

As the park will be situated at IIT Guwahati, a memorandum of understanding has been signed with the Guwahati Biotech Park and space has also been provided. The private sector is also being roped in to set up units in the proposed park to make it sustainable.

A lot of importance is being given to biotechnology which has emerged as a crucial area for developing effective biology-based technology for applications across a wide spectrum of societal needs through research and education.

The park will tap the state’s biodiverse treasures, and is expected to open up avenues for private investment. “A lot of research can be initiated in bio-diversity as a lot of benefits can accrued by the state,” an official of the science and technology department said.

Funds will be disbursed through IIT Guwahati and the latter has committed to provide technical and other necessary support. Sources said the park will have an incubation centre to encourage entrepreneurship development and have facilities for development of medicinal plants and other high-end work.

IIT Guwahati will also be assisting the department of biotechnology disburse funds for projects for institutions in the Northeast and also assist in monitoring the progress of these projects and ensure timely utilisation of funds.