Mandi (Himachal Pradesh), March 5 (IANS): Union Labour and Employment Minister Oscar Fernandes Wednesday inaugurated the Rs.10 billion Employees' State Insurance Corporation (ESIC) Medical College and Hospital here.

Fernandes said this multi-specialty institute would prove a boon for the hill state, as it would provide world-class medical facilities. The hospital has 500 beds.

The union minister said the institute would solve the problem of shortage of doctors.

Official sources told IANS there are 100 seats each at the graduate level in the medical and nursing school. Later, post-graduate courses would be started.

While 40 percent seats in these courses are reserved for students from the state, 40 percent are for all-India merit holders, 10 percent for ESIC beneficiaries, five percent for industry owners and remaining five percent for students of the ESIC employees, said an official.

Chief Minister Virbhadra Singh and his cabinet colleagues were present on the occasion.

Fernandes laid the foundation stone of the ESIC Medical College and Hospital Feb 23, 2009.