Thiruvananthapuram, July 29 (IANS) The Kerala government has given its approval to set up of a Rs.300 crore hospital and medical college in which the diaspora will be allowed to invest, it was announced Sunday.
The Kerala Institute of Medical Education and Research will come up in Alappuzha district in three years, an official said. Chief Minister Oommen Chandy cleared the project at a cabinet meeting last week.
In his budget speech, Finance Minister K.M. Mani had announced plans to set up five government medical colleges in the state. This is the first of them.
An official told IANS that the state-of-the-art institute would have a split structure -- a committee of government officials to run the hospital and a management to run the college.
Another committee would look after the infrastructure development of the hospital and the college.
"The project will be a reality in three years. Interested non-resident Keralites can invest in the project and will get shares," said the official.
"The institute will be built on public-private partnership model and will be run by a government-appointed committee."
The government has allocated around 25 acres for the project near the National Thermal Power Corp plant in Alappuzha.
"The government's contribution would work out to be 26 percent of the equity. The rest will come from investment made by the diaspora. Those who will buy the institute's shares will get one seat every year for admission to an MBBS course," said the official.
"Since the gestation period for an institute like this will be longer compared to other ventures, the diaspora wanting to invest should be aware that there will be no profit for over 10 years," said the official.
This is the second project after the Kannur international airport where the government has asked the diaspora to invest.