HLL Lifecare to sub-lease 330.10 acres for Medipark in Kanchipuram

New Delhi [India], Oct. 5 (ANI): The Union Cabinet has given its approval to M/s. HLL Lifecare Ltd., a Mini Ratna PSU under Ministry of Health and Family Welfare to sub-lease 330.10 acres of land at Chengalpattu, located on the outskirts of Chennai, to setup a medical devices manufacturing park (Medipark) through a special purpose vehicle (SPV). The shareholding of the HLL in the project would be above 50 percent. The Medipark project will be the first manufacturing cluster in the medical technology sector in the country, envisaged to boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery, particular in diagnostic services to a large section of people. The proposed Medipark would contribute to the 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. Medipark will be developed in phases, spread over seven years for completion. In the first phase, physical infrastructure will be developed and plots will be leased from third year onwards. Knowledge management center will be developed in the second phase, with grants and assistance from departments, which funds similar initiatives. HLL will sublease the land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for Medical equipment and devices. In the initial phase, the land cost to the qualifying entrepreneurs from medical device and equipment, manufacturing industry will be at a subsidized rate so as to attract others and the rate will go up gradually as the demand picks up. Thus the Medipark project will play an important role in enhancing quality health care delivery in India. The project will reduce the dependence on imports and create a strong base for the growth of indigenous and domestic industry by providing access to state of art infrastructure and technology. The domestic manufacturing of medical devices and equipment shall not only usher in a regime of assured and affordable health care delivery but also deepen and strengthen the penetration of quality health care services. (ANI)