The agreement to set up the institute, which would cost an estimated Rs 400 crore, was signed between MCL CMD AN Sahay and Health and Family Welfare Secretary PK Mohapatra in the presence of Chief Minister Naveen Patnaik and Health Minister Damodar Rout.
The proposed 100-seat medical college, which would also have a 500-bed hospital, would be constructed on a 20-acre plot of land which the state government would provide free of cost fro the purpose.
"MCL will go all out to complete the project by 2016 and enable admission of MBBS students for the academic session 2016-17," Sahay told reporters.
Thanking MCL for its plan to set up the institute, Patnaik appealed to other PSUs to come forward to open more medical colleges and hospitals in the state.
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"I assure all support for establishment of such institutes in Odisha," Patnaik said.
Rout said that during its 14 years in power, the BJD government had made arrangements for the setting up of 15 medical colleges in the state.
Rout added that steps were being taken to set up three nursing colleges and training centres for para-medical personnel.