With an eye on developing a world-class diagnostic and research & development facility in India, Dr Naresh Trehan has entered into an MoU with GE Healthcare for establishing Medicity in Gurgaon.Medicity will be spread over 43 acres and will require an investment of $250 million. Once developed, GE Healthcare will provide high-end diagnostic tools, clinical research and development and utility services like power generation and distribution, lighting and water treatment.Speaking to reporters, Jeffery Immelt, chairman and CEO of GE Worldwide said, "GE is not investing in cash in Medicity. We will provide the world-class technology for high-end diagnostic tools, clinical research and development and eco-friendly solutions."Immelt, however, added that GE does not rule out equity partnership in Medicity.GE participation in Medicity is a part of the company's global strategy of positioning itself as a leader in diagnostics. Globally, GE has a healthcare business of $15 billion.On the investment requirements for Medicity, Dr Trehan said, "We have a number of equity partners and there is no problem in raising the required funds for Medicity."The 1,800 bed hi-tech medicity is expected to be completed in 2007. Extending government's partnership to Medicity, Kapil Sibal, minister of science and technology, said, "We are with this project. Once completed we would like to see a world-class R&D facility which would come up with low-cost medical solutions for the masses too."
