Himachal Builds Rs 350 Cr Medical Devices Park, Rejects Central Funding

By By Rediff Money Desk, Shimla
Jul 27, 2024 16:15
Himachal Pradesh will build a Rs 350 crore medical devices park with its own funds, rejecting central funding. The park will be built on 265 acres and will be a source of income for the state.
Photograph: Aly Song/Reuters
Shimla, Jul 27 (PTI) The Union government would have no stake in Rs 350-crore Medical Device Park coming up at Nalagarh in Solan district as the state government has decided to construct the park from its own resources and return Rs 30 crore received from the centre, according to a release.

The decision has been taken in the interest of the state.

The project would come up in over 265 acres of land and in case Rs 30 crore received from the centre was not returned, the land would have been provided to industrialists at the rate of Re 1 per square meter, electricity at Rs 3 per unit and water, maintenance and warehouse facilities, free of cost for ten years, Chief Minister Sukhvinder Singh Sukhu said.

The state government has so far spent Rs 74.95 crore for the project, a statement issued here on Saturday said.

Keeping the interests of the state and steering out of the bindings, the government has decided to build the Park by itself as the project when commissioned would accrue benefits amounting to Rs 500 crore from the sale of land and other resources in the next five to seven years, he added.

The state government will take a loan from SIDBI (Small Industries Development Bank of India) under the cluster development scheme for the construction of the medical device park and with restructuring of the project, 25 per cent of the land will be allotted exclusively for medical device industries and 75 per cent for other strategic industries, he said.

The industrial park will be developed as a modern industrial hub which will become a perennial source of income for the state government along with economic development and better infrastructure in the coming years, he said.

Earlier also the state government had decided not to take help from any private agency in the Bulk Drug Park being built at Haroli of Una district and the government will provide Rs 1,000 crore from its own resources, the statement added.
Source: PTI
Read More On:
himachal pradeshmedical devices parknalagarhsolansukhvinder singh sukhu
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.

You May Like To Read

MORE NEWS

Gujarat's Renewable Energy Capacity: 15% of...

Gujarat boasts 32,924 MW of installed renewable energy capacity, accounting for 15% of...

India Strengthens Intellectual Property...

India's trademark filings are the sixth largest globally. Commerce Minister Piyush...

Meesho Cuts Losses, Revenue Up 33% in FY24

Meesho reports a significant reduction in losses to Rs 53 crore and a 33% revenue...

Punjab CM Urges Expedited Foodgrain Movement...

Punjab CM Bhagwant Mann met Union Minister Prahlad Joshi to discuss the need for...

UPI Outage Disrupts Digital Payments in India

A widespread UPI outage impacted digital transactions in India on Wednesday, causing...

Cybersecurity: IRDAI Mandates Forensic Experts...

IRDAI directs insurers to empanel forensic auditors in advance to handle cyber...

Punjab Budget: Rs 60 Crore for Paddy...

Punjab Finance Minister Harpal Singh Cheema announced a Rs 60 crore subsidy for...

DGCA Agrees to Airfare Data Sharing: Analysis &...

DGCA will receive aggregated airfare data from Indian airlines to analyze trends. This...

Indian Investors Confident on Daily Needs, AI...

A global survey reveals Indian investors are confident about meeting daily financial...

NHIT Raises Rs 18,380 Crore via Asset Monetization

National Highways Infra Trust (NHIT) raises Rs 18,380 crore through asset monetization...

Read More »

Sectoral Indices Market Indicators Listed Companies Gainers Losers Mutual Funds Portfolio Watchlist
© 2025 Rediff.com