India’s first biotech incubation fund with a US $ 5.1 m corpus was recently set up jointly by the Shapoorjiand Pallonji Biotech Park, the department of biotechnology, Andhra Pradesh department of industries and commerce, and Indian Institute of Chemical Technology.

The fund will be of assistance to start-up biotech companies, with equipment support by the state's department of biotechnology and infrastructure support by the state government. The Indian Institute of Chemical Technology would offer the incubation support.

The fund is also likely to receive another US $ 1.1 m boost with private participation.

Emaar Properties, of Dubai, plans to build a luxury township, some 18 km away from Hyderabad. A Public Joint Stock Company, it has tied up with the Andhra Pradesh Industrial Infrastructure Corporation Ltd to form a joint venture company for developing the project.

Due for completion in 2005, the 520 acre project named 'Boulder Hills' is set in scenic terrain featuring hills, lakes and rocky outcrops. Of this 285 acres will be reserved for approx 800 residential complexes- comprising detached and semi-detached villas, courtyard clusters and four-five storey apartments. The remaining 235 acres (7,277 yards) is earmarked for an 18-hole international standard golf course and a boutique resort hotel.

The site, which is located close to the upmarket residential locales of Banjara Hills and Jubilee Hills, is targeting Non-resident Indians, corporates and local entrepreneurs.

The world’s largest PC maker, Dell, has plans to set up its third Indian centre in Chandigarh, ramping up its headcount by an additional 2000.
With industry reports estimating Dells current employee strength to be close to 400, the new additions amount o a 50 per cent increase.

A Company spokesperson revealed that the decision to set up in Chandigarh was in keeping with Dell’s global expansion policy and was an affirmation of the parent Companies confidence in its Indian Customer Centres- towards supporting customers across the globe.

In an unprecedented takeover of its kind, the Reliance Group acquired the US-based Flag Telecom for US $ 211 m (roughly Rs 950 crore).

This is the largest overseas acquisition by any Indian company, so far, establishing the Reliance Group as a world-class global telecommunications player.

While Reliance will get access to Flag's more than 180 customers, the deal brings a strong base for future growth and opportunities for Flag.