Kochi: Approval is expected for the nation’s first Ayurveda Technology Business Incubator (TBI) in Koratty near Thrissur, from the National Science and Technology Entrepreneurship Development Board (NSTEDB) of the central ministry of science and technology. It is looking for tie-up with 50 colleges.

Mooted by CARe Keralam (Confederation for Ayurvedic Renaissance-Keralam Ltd), the cluster innovation centre for Ayurveda was jointly promoted by a group of Ayurveda manufacturers and the Ayush department of the central government.

The TBI aims to accelerate startups and thereby facilitate development of new products. The national expert advisory committee of NSTEDB evaluated a project proposal that sought a Rs.4.92 crore grant during its sitting here last week.

According to CARe Keralam MD Karimpuzha Raman, TBI would promote an ecosystem conducive for innovations in Ayurveda.

The centre offers state of the art analytical lab, a toxicology study centre, a process validation lab, a raw material store and a common facility center for production and packaging, apart from marketing support, at a nominal cost.

“As a recognised Cluster Innovation Centre, an innovative project could get upto Rs.2 crore grant. Student projects can fetch up to Rs.75,000 each,” Raman said.