New Delhi, Oct 5 (IANS): Giving a "Make in India" a push in the field of medical technology, the Union Cabinet here on Wednesday approved "mini Ratna" public sector undertaking HLL Lifecare to sub-lease its land for setting up the country's first medical devices manufacturing park, an official statement said.

"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.

The Medipark project will be the first manufacturing cluster in the medical technology sector in the country, envisaged to boost the local manufacturing of hi-end products at a significantly lower cost, resulting in affordable healthcare delivery, particular in diagnostic services to a large section of people.

"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.

HLL will sublease the land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for medical equipment and devices.