Frontier Mediville, an initiative of the Frontier Lifeline & Dr K M Cherian Heart Foundation, has planned an investment of Rs.1,000 crore to set-up a comprehensive healthcare hub spanning three phases. One part of the Mediville project is the Bioscience Park which is accorded Special Economic Zone status by the Union ministry of commerce & industry.
The healthcare hub spans over 360 acres and is located 40 km from Chennai at the Elavur Village, Tiruvallur District. The Public Private Partnership project is with the promoter and close associates owning 73 per cent of the shareholding, 11 per cent owned by a SME Tech Investment Company in private equity (RVCF) and 16 per cent stake by Technology Development Board (TDB) of the Department of Science and Technology (DST).
The company has raised debt from a consortium of bankers to finance phase I costing close to Rs.150 crore including land acquisition of around 170 acres and expected to be commissioned in September 2012.
“We are developing it as a global integrated ‘Medical Village’ and ‘Knowledge Cluster’ of India. The concept of a Bio-Hospital would help provide integrated modern and traditional medicine,” Sandhya Cherian, vice president- Frontier Mediville, director - Frontier Lifeline Hospital told Pharmabiz in an interaction.
The phase I will have dedicated education, training and research blocks with facilities for clinical and pre-clinical research, stem cell, nanotechnology, tissue engineering and a 2500 seating capacity convention centre. In addition, this will be a also be a hub for Contract Research.
The Bio Science Park under the SEZ purview would allow both international and domestic pharma companies to look at outsourcing their research work (Animal and Clinical) to Mediville as they can maximise the ensuing tax benefits, she added.
The company has also sought Foreign Direct Investment (FDI) of Rs.600 crore to fund the phase II of the project that would commence construction in January 2013 and ready for commissioning in two years. It would include a 750-bed General Hospital, 200-bed Bio-Hospital intended to attract Medical Tourism, Medical University with Medical College, Colleges for Nursing & Paramedical, Helipad and accommodation for senior citizens. Phase III is expected to cost around Rs.250 crore at the current estimates as it will include an International Centre of Paediatric Oncology, AYUSH, Vendors Park, golf course and boating. The total project cost for the entire phase I, II and III is expected to be about Rs.1000 crore, stated the Frontier Mediville VP.
Over 50 acres comprise medicinal plants gardens and clusters of forests with different species of trees. Mangroves have been planted along the banks of the water bodies in Mediville. Several vermi composting units have already been established. The project adhering to the requirements of LEED Platinum certification.
Many multi- speciality hospitals and Medi- Cities springing up across major cities in the country but there is none of this magnitude in a rural area. We are sure to attract the reverse brain drain of medical experts from US, UK and Europe, stated Cherian.