Cabinet approves setting up of country’s first medical park.Giving a push to local production of hi-end medical equipment, the government today gave its nod to PSU HLL Lifecare to sub-lease over 300 acres of land in Chennai to set up the country’s first medical devices manufacturing park.
The Union Cabinet chaired by Prime Minister Narendra Modi gave its nod to the PSU under the Health Ministry to sub-lease 330.10 acres of land at Chengalpattu near Chennai to set up the Medipark through a Special Purpose Vehicle (SPV) with shareholding of HLL at 50 per cent. he proposed Medipark would contribute to development of medical devices and technology sector and allied disciplines in the country, which is still at a nascent stage besides generating employment and give a boost to the government’s “Make in India” campaign.
The medipark will be developed in phases, spread over seven years for completion and in the first phase, physical infrastructure will be developed while the plots will be leased from the third year onwards.
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