Hindustan Latex to manufacture medical devicesAugust 21st, 2008 - 3:39 pm ICT by IANS
New Delhi, Aug 21 (IANS) Condom major Hindustan Latex Limited (HLL) Thursday announced it will set up a MediPark near Chennai to manufacture diagnostic devices to boost the Rs.25 billion medical devices market.HLL, which operates under the health ministry, signed an agreement with Infrastructure Leasing and Financial Services (IL&FS) for the purpose. Health Secretary Naresh Dayal was present on the occasion.
The MediPark being set up by HLL will be a world-class production facility for the manufacture of medical devices, medical equipments and medical diagnostics spread over 330 acres at Chengalpet, near Chennai, in Tamil Nadu.
It will comprise state-of-art infrastructure for the production of these devices, with a view to achieving self-reliance in the area of healthcare commodities.
The facility is conceived as a Public-Private-Partnership (PPP) and would have common facilities such as sterilisation centre, testing and quality control facilities, waste disposal facility and logistics hub. The project outlay for infrastructure development alone is expected to be around Rs.1 billion.
HLL has appointed NNE Pharmaplan India Ltd, a leading engineering and consultancy service organization for biotechnology industries, as the Project Consultant for setting up the Integrated Vaccine Complex.
Dayal said growing demand from pharmaceutical and healthcare sectors in India, the medical devices and equipment industry is witnessing a vibrant growth with an estimated market turnover of Rs.25 billion and is projected to grow at 15 percent annually.
IL&FS, the project consultant for the project, is a leader in developing industrial clusters on public-private partnership. The company would identify the prospective investors, structure the project and provide engineering and financial services to the project.