The project is likely to generate more than Rs 5,000 crore of investment. YEIDA is now getting the detailed project report ready with the support of Andhra Pradesh-based Kalam Institute of Health Technology, officials said.
YEIDA CEO Arun Vir Singh said that a common facility centre will also be set up in the Medical Device Park.
“We will launch the scheme next year soon after we go through the detailed project report. A meeting was convened earlier this week to set aside funds for the development of Sector 28.”
The Authority will have to pool in Rs 400 crore for various development-related work in order to set up the park.
“We are already getting inquiries from X-ray machine manufacturers and syringe producers active in Delhi-NCR. They want to set up bigger facilities along the expressway,” Singh said.
The Union government will infuse Rs 1,000 crore in the project once YEIDA starts achieving the milestones.
Earlier this year, the government had approved the scheme of establishing three bulk drug parks and four medical device parks across the country.
The proposal submitted by YEIDA on behalf of UP was selected out of 18 submitted by different agencies across the country. In phase I of the scheme, YEIDA will hand over 120 plots, while in the second phase, the objective is to create 90 more plots, officials said.