Corporate Updates

HLL, ILFS ink MoU for medical park

Hindustan Latex (HLL)has signed a memorandum of understanding (MoU) with Infrastructure Leasing and Financial Services (IL&FS) for developing an integrated medical devices and diagnostic manufacturing park (MediPark) at Chengalpet near Chennai, Tamil Nadu. The 330-acre MediPark would be developed on public-private-partnership basis and the project outlay for infrastructure development is expected to be around INR 100 crore. The MediPark will manufacture medical devices, equipments and medical diagnostics. It will also house a sterilisation centre, testing and quality control facilities, waste disposal facility, logistics hub etc. IL&FS, the project consultants, would identify the prospective investors and provide engineering and financial services. The project is expected to provide a fillip to the INR 2,500 crore medical industry which currently depends on imports for almost 60% of its requirement of medical devices. “We are expecting that the MediPark will attract an investment of around INR 1,000 crore. However, a clear picture with respect to investors and investment will emerge after 2-3 months when IL&FS submits the project report,” said HLL utive director Dr KRS Krishnan. The company has also signed an MoU with NNE Pharmaplan for development of 100-acre integrated vaccine complex to make safe and effective vaccines available at affordable prices. In addition to production facility for DPT vaccine, BCG vaccine and vaccines for universal immunisation programme, the complex will also house manufacturing facilities for new generation vaccines like measles vaccines, Hepatitis B, Japanese encephalitis vaccine etc. A state of the art vaccine R&D facility to develop new vaccines such as H5N1 to combat bird flu and other infectious diseases would also be available. Initially HLL will do the packaging and marketing of bulk vaccines procured from other manufacturers and later go in for primary manufacturing of vaccines from seed strains. In this connection, HLL has already initiated discussions with major vaccine manufacturers for possible collaborations. The initial investment proposed has an outlay of INR 150 crore over a period of 20 months and the final investment will be near to INR 500 Crore. HLL plans to commission the first stage of the project in two years.


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