The Calicut City Service Cooperative Bank has finalised plans to set up a Rs 500-crore cancer hospital and research centre at Chathamangalam, near the National Institute of Technology – Calicut (NITC).

The bank has already registered a charitable society, Cancer and Allied Ailments Research (Care) Foundation, for the purpose. It will provide a loan of Rs 20 crore initially for the project and the remaining funds will be raised from institutions and individuals from both within the country and abroad.

Mr C.N. Vijayakrishnan, Chairman of the bank, and Mr T.N. Velayudhan and Mr P.A. Jaiprakash, Directors, told newspersons here on Thursday that the Reserve Bank of India was approached for getting the approval for securing funds from abroad. This was the first time that such an ambitious project has been planned in the cooperative sector in the State, they said.

The bank has already purchased 15.5 acres at a cost of Rs 5 crore for setting up the hospital. The first phase of the project, featuring a 100-bed hospital, is slated to be completed by 2013. The hospital will be equipped with world-class equipment for early detection of the disease.

After completion in 2017, the hospital will have 300 to 500 beds and a full-fledged research centre boasting all the latest facilities.

The bank authorities said that Mumbai-based Seagull Consultancy had been entrusted with the task of preparing a detailed project report, which was expected to be ready within a fortnight. Also, architects have been shortlisted for constructing the hospital.

The hospital will cater to the common man in the region, especially in Kozhikode and Malappuram districts and at least 10 per cent of the services will be provided free-of-cost to the economically backward communities.

The bank, which began operations seven years ago in rented premises, is now functioning in its own building complex. The total deposits of the bank have reached Rs 176 crore as on March 31, 2011.

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