Medical Device Park scheme: To attract more foreign investment, YEIDA extends deadline to apply for plots

noida: The Yamuna Expressway Industrial Development Authority (YEIDA) has extended the deadline to apply for plots in UP's first Medical Device Park scheme in order to attract more foreign investment into the project. The last date to apply into the scheme has been extended to July 7 from June 22. "The extension will benefit allottees of the project as they will now get all the incentives and other benefits offered by the GOI which have been approved in a recently held cabinet meeting," Shailendra Bhatia, officer on special duty (OSD), YEIDA told Millennium Post.

As per officials, there are 11 benefits which have been offered to allottees under the Medical Device Park scheme. These include capital interest subsidy with a reimbursement of upto 7.5 per cent, SGST reimbursement of 70 per cent on net SGST, incentives on air cargo handling charge and freight corridor, to name a few.

The other benefits in the scheme include EPF reimbursement, zero waste incentive, skill development incentive, patent filing, quality certification with a reimbursement of 75 per cent of cost incurred for ICO certification and incentives on several utility charges, exemption on stamp duty.

"During Covid, it was learned that several medical equipments and health facilities were fetched from foreign countries. Taking forward the Make in India initiative, we aim to boost the health infrastructure within our county so that medical facilities including surgical equipments, medicines, beds, ventilator, oxygen support and available in abundance with us," Bhatia added.

The Medical park will come up on 92,648 square metres (sqm) of land at the site in the vicinity of Noida International Airport along the Yamuna Expressway. The areas will include an information technology centre, a design centre, an electronic system and design facility centre, a censor testing-integrating facility centre, an electronic assembling facility centre, an electronics collaboration testing centre, a common tooling room, a biomaterial testing facility centre, a medical technology centre, a digital display zone centre, and a computing centre, among others.

"With the facility being operational, the authority aims to attract investment worth over

Rs 3,800 crore along with providing employment to over fifteen thousand people. We will also ensure that the local youth get employed into the project," OSD Shailendra Bhatia said.

Yeida has roped in Ernst & Young as a consultant to monitor and help with the development of these facility centres. The consultant will focus on monitoring the medical device park and facility centres, promoting the project, and helping the units. Interested parties can apply for the park plots till July 7. To begin with, Yeida will sell 126 plots, ranging between 1,000 sqm to 4,000 sqm in size on 110 acres of land. The remaining plots will be allotted via lucky draw during the second phase.

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