The Himachal Pradesh government has decided to build a medical device park in Nalagarh, Solan district on its own resources.

To this end, it will return Rs 30 crore received from the Central government for this project to be built on 265 acres of land at a cost of Rs 350 crore.

The state government will take a loan from SIDBI under the cluster development scheme.

In a project restructuring, 25 percent of the land will be allotted exclusively for medical device industries and 75 percent for other strategic industries to ensure industrial development in the region.

The state is expected to benefit by Rs 500 crore in the coming five to seven years from the sale of land and other resources.

It will provide incentives to the industries coming to the Medical Device Park as per its industrial policy. The industrial park will be developed as an industrial hub and spur economic development and better infrastructure in the coming years.