Maharashtra government is relooking at the vexed Wockhardt-GT Hospital joint venture superspeciality project, and will take a final decision in the next 15 days, a highly placed government source said.

The erstwhile ten-storey structure located in the Gokuldas Tejpal Hospital complex in the city was to be converted into a world-class, 250-bedded Wockhardt Super Speciality Hospital & Research Centre, with state-of-the-art surgical and medicare facilities for cardiology, neurology and nephrology, all managed by Wockhardt.

Wockhardt was to hold 51% of the joint venture equity and the Government of Maharashtra with the funding assistance of the World Bank will hold 49%. This was to be a unique tie-up of 'Wockhardt - Government - World Bank'.

It was the issue of infusion of equity that has delayed the realization of the project so far. The government claims that the private sector partner has still not replied to its queries in this regard. However, it is unlikely that the government will replace Wockhardt as the JV partner.

This JV was the first step towards setting up similar JVs all over the state with a Rs 700 crore assistance of the World Bank for Maharashtra health systems and development projects.

The agreement was signed on May 10, 2001 in Mumbai by Wockhardt's Chairman Habil F Khorakiwala, with the Government of Maharashtra in the presence of Chief Minister Vilasrao Deshmukh, Deputy Chief Minister Chhagan Bhujpal, Minister for Public Health and Medical Education Digvijay Khanvilkar; and Minister of State for Public Health and Medical Education Eknath Gaikwad. The hospital was to be commissioned within 15 months from the date of the agreement.