Idco pulls up Bharat Biotech for project delay

The Odisha Industrial Infrastructure Development Corporation (Idco) has pulled up Hyderabad-based Bharat Biotech (International) Ltd for its lack of initiative to start construction activity on the biotech park project.

Though land was leased out to the developer in November 2013, there is no trace of construction activity at the project site, arousing the wrath of Idco, the state's nodal agency for land acquisition and industrial infrastructure development.

The Rs 100-crore biotech-pharma-IT park being developed by Hyderabad-based Bharat Biotech International Ltd on around 65 acres of land at Andharua on the outskirts of the city.

Despite all approvals in place and the lapsing of more than 180 days since the lease of land, Bharat Biotech has failed to take up any development on the site, which constitutes as an event of default by the company, according to Idco.

“Such non-responsive and non-serious attitude of the company in developing the project has been a big disappointment to Idco. I therefore urge your urgent personal intervention in the matter to meet the milestones.

As time is the essence of contract, we shall be constrained to initiate necessary action, in the event construction activities do not commence within 30 days and the milestones are not achieved as per the contract”, Idco's chairman and managing director Vishal Dev wrote to the CMD of Bharat Biotech.