According to sources, Fortis Healthcare, a company endorsed by Infrastructure Leasing and Financial Services, backed by Central Bank of India, Unit Trust of India and Housing Development Finance Corporation, will be promoting this project. The hospital will serve a referral centre for the entire region.

The choice of location for the hospital is based upon data indicating prevalence of Coronary Artery Disease (CAD) is higher in the Punjab belt as compared to either the national average or the north India average.

Research shows that of the total in-patient traffic in hospitals at Delhi, one-third of all the patients come from Punjab and surrounding areas. As S. A. S. Nagar is easily accessible from most major towns in the region, it is an ideal site for the centre.

The development of the Cardiac Centre project will be undertaken in a phased manner as first and second phases of the scheme will be implemented concurrently to build a capacity of 150 beds for the hospital.

In the first phase, a 92-bed Cardiac Hospital, a medical centre, rehabilitation centre, residential accommodation for staff, would be built, sources added.

During Phase II, the capacity of the hospital will be raised to 150 and operating facilities and equipments will be added to facilitate the patients of the region. In the third phase of the construction, the bed capacity will be raised to 375, it was stated.

While the total project cost is estimated to be Rs 250 crore, cost during the first two phases is expected to be close to Rs 118 crore. Initially, the project will be financed through a debt and equity ratio of 1:1.

Infrastructure Leasing and Financial Services and Late Dr Parvinder Singh, the then chairman and Managing Director of Ranbaxy Laboratory, will hold equal equity of 26 per cent in the company, sources indicated. The Punjab Government will be invited to participate with a 10 per cent stake while another 10 per cent will be offered to other collaborators in the project. The residual equity will be placed with institutional investors and offered to public at a later stage.

The hospital will be established as a comprehensive heart care unit on the guidelines for International Accreditation. Eminent foreign consultants will also visit the hospital.