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Financial closure for Frontier Mediville soon

Monday, 21 Mar 2011
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Frontier Lifeline Hospital is likely to mop up funds for the Phase I of its medical science park at Elavur Village, near Chennai.

The medical science park - Frontier Mediville - is to be developed in phased manner a cost of Rs 900 crore. The 300-acre science park will also have a 41-acre bio-medical SEZ. The Phase I slated to be launched shortly will have a clinical research and training centre in three acre. The estimated cost of this phase is over Rs 150 crore.

While Frontier Lifeline and the promoter family will pump in Rs 25 crore, it has secured a soft loan of Rs 13 crore from the Union Government and Rs 90 crore from State Bank of India and Bank of Baroda (each Rs 45 crore). Currently, it is holding discussions with some private equity companies for the remaining funds.

For Phase II (speciality hospital) and the Phase III (medical college, university and a general hospital with necessary infrastructure) the company is likely to rope in a strategic partner. It may divest up 30 per cent equity in the project to a strategic partner.

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