Hyderabad, Jun 18 (IANS): As many as 14 companies have come forward to set up their units at the Medical Devices Park which was launched at Sultanpur in Sangareddy district of Telangana near here on Saturday.

Telangana's Minister for Industries K.T. Rama Rao, who launched the park along with Irrigation Minister T. Harish Rao, said these companies would invest Rs 425 crore and create direct employment for 4,000 persons and indirect employment for 8,000.

The ministers handed over the documents of the land that was allotted to the 14 industries, which include Apollo Hospitals and information technology services firm Cyient Limited.

Coming up over 250 acres, the park will have a dedicated ecosystem for MedTech innovation and manufacturing.

Officials said this would be the largest facility in India for medical devices and electronics and will focus on medical innovations, R&D and manufacturing.

Rama Rao also announced that they will have a MoU with China Medical City located at Taizhou and another Medical Devices Park located in Gwangju in South Korea to exchange knowledge with them.

The facility would further strengthen Hyderabad's leading position as in life sciences and pharma industry. Rama Rao pointed out that Hyderabad is also known as medical tourism destination across Africa, Middle East and other countries.

Rama Rao, who is son of Chief Minister K. Chandrasekhar Rao, said the facility would promote innovation. "We have also started working on a prototyping lab, which will help in bringing down the cost of medical care in the country," he added.