India's Manipal Education and Medical Group International, one of Asia's largest healthcare management groups, will open a hospital as well as a facility to spearhead stem cell research in Malaysia.
With an investment of $5 million in the first phase, it will set up its first hospital in Penang and a stem cell research and development centre in Bukit Jalil Technology Park.
Science, Technology and Innovation Minister Jamaluddin Jarjis will be officiating at the ground-breaking ceremony on Oct 17, Malaysian Biotechnology Corp CEO Iskandar Mizal Mahmood announced here Wednesday.
Iskandar said the business deal was a result of a memorandum of understanding (MOU) signed during BIO 2007, the world's largest annual biotechnology convention and exhibition held in Boston in May.
The deal follows another last month between the Malaysian government and US biotechnology firm Actis Biologics Inc, which will invest $400 million to set up operations in Malacca.
Malaysia wants to become a regional biotechnology hub to get a slice of the lucrative market, reported the New Straits Times.
The Manipal Group of companies, named after a university town in southern India, is a major financial and industrial group managing 11 hospitals, eight teaching hospitals, seven rural maternity and child welfare homes and also has activities spread over financial services and manufacturing.
Manipal is also a centre of academic learning, comprising two universities, 24 professional colleges, affiliated institutes and numerous primary and high schools with 70,000 graduate students.