06 October 2016 Current Affairs: The Union Cabinet has approved setting up of a Medical Devices Manufacturing Park (Medipark) at Chengalpattu, Kanchipuram District, Tamil Nadu through a special purpose Vehicle.
For this purpose, HLL Lifecare Ltd, a Mini Ratna PSU under Union Ministry of Health & Family Welfare, will sub-lease 330.10 acres of land at Chengalpattu. The shareholding of HLL in the project will be above 50 percent.
Highlights : The Medipark project will boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery to a large section of people. It will contribute to the development of medical devices and technology sector and allied disciplines in the country.
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. It 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. In the initial phase, the land cost to the qualifying entrepreneurs from Medical Device and Equipment, Manufacturing Industry will be at a subsidized rate.Knowledge management center will be developed in the second phase, with grants and assistance from departments, which funds similar initiatives.
It 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.