Sreekanth Vedagopuram, Sandeep Kumar, Sagar Sengupta, and Avinash Bajaj Indian Patent Application No. 201611021486. 21 June, 2017. This invention is related to development of nanomaterials for drug delivery based on modified steroidal lipids conjugated to drugs/diagnostic agents that can improve the bioavailability, solubility and therapeutic efficacy of existing chemotherapeutics. This invention includes methods of production of bile acid derivatives modified with suitable head groups (Phosphocholine, Polyethylene glycol/oligopeptides) based nanomicelles by nanoprecipitation/emulsion/solvent evaporation/dialysis etc consist of single/multiple therapeutics or imaging agents for treatment of cancer microbial infection, and inflammatory disease using parental routes (intravenous, subcutaneous).