The project is likely to reduce diagnostic expenses by a substantial margin for the patients as cost of the equipment will come down. Approximately 90 per cent of the country's need for medical equipment is presently met through imports.

The park being planned and implemented by Trivitron, India's largest medical technology company, will be built in Chennai. The company is also planning to set up similar parks in Kolkata, Delhi and Pune. The company is discussing technological collaborations with at least 10 international manufacturers from Europe and the US.

"For setting up manufacturing units we will enter into joint venture agreements or technology transfer deals with globally reputed manufacturers. Five such deals are in the final stages of discussion while one with Aloka Company Limited of Japan, for manufacturing high technology ultrasound equipment, has been signed," Dr GSK Velu, managing director, Trivitron group said.

The JV will begin with an initial investment of approximately Rs 50 crore by both the companies, followed by further investments, for manufacturing ultrasound scanners and whole body colour dopplers. The company will pump in about Rs 250 crore into the medical park. "We will set up four such parks. In Kolkata the emphasis will be on anaesthetic equipment. Finally all the parks will be brought under one administration," Dr Velu said.