Bhubaneswar, Sep 4 : The Odisha government has initiated steps for setting up a Bulk Drug Park at Gopalpur in the state, said an official on Friday. The proposal for setting up the park in the Tata Special Economic Zone (SEZ) at Gopalpur received in-principle approval in a meeting held under the chairmanship of Chief Secretary Asit Tripathy on Friday. The cost of infrastructure development is estimated to be nearly Rs 1,500 crore. The project would be implemented through financial support both from the Central and state governments. Considering the potential of a Bulk Drug Park in the state, Tripathy directed to form a State Implementing Agency (SIA) in the shape of a Special Purpose Vehicle (SPV) and work out the detailed proposal within a fortnight. It was decided in the meeting that a SPV will be set up involving IDCO as the lead promoter and Tata Steel Special Economic Zone Limited (TSSZEL) as a co-promoter to carry forward the project proposal. Chief Secretary Tripathy directed to send the proposal to the Government of India by September 25. A land parcel of nearly 1,000 acres required for the park is available in the SEZ, the official added. Industries Secretary Hemant Kumar Sharma said the park would have all advanced infrastructure facilities, including a central effluent treatment plant, solid waste management, warehousing, dedicated power distribution system, steam generation and distribution system, common cooling system, advanced testing laboratories, centre of excellence, technology business incubator etc. The park would create employment opportunities for nearly 5000 people, Sharma added. /IANS