The Cabinet on Wednesday has given its permission to HLL Lifecare Ltd to sub-lease 330.10 acres of Government land at Chengalpattu, Kanchipuram District in Tamil Nadu, to setup a Medipark.
An official statement said that, “The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval to HLL Lifecare Ltd., a Mini Ratna PSU under Ministry of Health & Family Welfare to sub-lease 330.10 acres of land at Chengalpattu, located in the outskirts of Chennai, to setup a medical devices manufacturing park (Medipark) through a special purpose Vehicle.”
The shareholding of HLL in the project would be above 50 per cent, it added.
In a statement, Cabinet said, 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.
Further, 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, the release said.
Moreover, Medipark will be developed in phases, spread over 7 years for completion.