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New Delhi: Giving a fillip to regenerative medicine, the Union Cabinet on Thursday decided to set up an Institute for Stem Cell Science and Regenerative Medicine in Bangalore.

The institute will help in "developing policies relating to stem cell technologies, identify needs, facilitate conceptualisation and design of new technologies," Information and Broadcasting Minister Priya Ranjan Dasmunsi told reporters after a cabinet meeting presided over by Prime Minister Manmohan Singh.

The institute, under the Department of Biotechnology, Ministry of Science and Technology, will be an autonomous organisation and be set up with an investment of Rs.2.03 billion.

The cabinet also approved the integration of Stem Cell Centre (SCC) at the Christian Medical College, Vellore, now funded by the Department of Biotechnology, with the Bangalore institute. IANS