Biotechnology firm Mavens Biotech today said it will foray into biotech training and education

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business by opening a training institute.

The company has decided to enter the biotech training and education business, Mavens Biotech said in a filing to the Bombay Stock Exchange (BSE).

"The company will set up its own training institute focusing on job oriented courses in biotechnology and lifesciences," it added.

The training institute will offer students an opportunity to understand the requirements of the industry and help in filling the gap between the industry and academia, it said.

The training institute will also aid in taking up contract research projects for the domestic and overseas companies. The first center of the institute is expected to be opened in the first quarter of 2011, it added.

According to Biospectrum, more then Rs 1,000 crore was spent by students on biotech courses as fees in 2009.

Mavens Biotech shares were today trading at Rs 12.68 in the afternoon trade on the BSE, up 3.76 per cent from its previous close.