New Delhi: According to the official statement, the Union Cabinet today approved “mini Ratna” for the public sector undertaking HLL Lifecare to sub-lease its land for setting up the country’s first medical devices manufacturing park.
“The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to HLL Lifecare to sub-lease 330.10 acres of land at Chengalpattu, located in the outskirts of Chennai, to set up a medical devices manufacturing park (Medipark) through a special purpose vehicle,” the statement said.
The shareholding of HLL in the project, which is expected, would be above 50 per cent, it added.
“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 centre will be developed in the second phase,” it said.
“It 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,” it added.