Needless to say, the demand from software majors Infosys and Wipro Technologies for 100 acres each at Hinjewadi Phase-III has been a major catalyst for growth. The two IT majors already have a major presence in Hinjewadi with sprawling development centres in both Phase I and II. In fact, Infosys’ biggest centre outside its Bangalore headquarters is at Hinjewadi.

In the third phase, the MIDC has handed over 93 acres to The Chatterjee International Group (TCG) to develop a high-end bio-tech park. According to the joint venture signed between MIDC and TCG, the latter has given bank guarantees worth Rs 8 crore to the Maharashtra government. ‘‘The MIDC will have a 12 per cent share in the JV company to promote the BT park. It will nominate two directors on the company’s board,’’ said Kanade.

The TCG group, said Kanade, will construct common research and incubation facilities needed by smaller firms in biotech in its initial lifecycle. ‘‘The TCG group will invest Rs 280 crore in three phases by the end of 2011,’’ he said. Actually, four plots besides the 93 acres given to TCG have already been sold. ‘‘Two plots have been taken by Emcure pharma and one each by Shreya Labs and Venkateshwara Hatcheries,’’ he said.