Shimla, Oct 8 (IANS): The detailed project report (DPR) of the Bulk Drug Park to come up in Himachal Pradesh's Haroli in Una district has been given the final approval by the Central government, Chief Minister Jai Ram Thakur said.

He said the Scheme Steering Committee of the Union government gave its final approval on Saturday.

Expressing pleasure on the consent given by the Scheme Selection Committee, the Chief Minister said the final approval of this project of national importance will herald the second industrial revolution in the state, especially in the pharmaceutical sector.

He said the project was the result of the 'double engine government' of the Centre and the state governments that works in unison and strengthened the spirit of competitive and cooperative federalism.

Thakur said the state government and the Industries Department were committed to execute both Medical Device Park and Bulk Drug Park in a time-bound manner so that the entire region could reap the benefits of the mega projects.

He said it was an historic moment both for the state government and people, adding the Bulk Drug Park will not only ensure the retention of existing pharma formulation units in the state but also will be a step towards making India self-reliant in API sector.

The Chief Minister said this project would be implemented through Himachal Pradesh Bulk Drug Infrastructure Ltd which would be state implementing agency.

He said the total estimated cost of the Bulk Drug Park Project was Rs 1,923 crore, out of which the eligible CIF for the government of India grant was Rs 1,118 crore and the remaining amount of Rs 804.54 crore would be borne by the state.