Hindustan Latex Limited (HLL), a mini ratna Company under the Ministry of Health and Family Welfare of the Government of India, today signed a memorandum of agreement with Infrastructure Leasing and Financial Services (IL and FS) for the development of its Integrated Medical Devices and Diagnostic Manufacturing Park, MediPark.
HLL also signed memorandum of agreement with NNE Pharmaplan for its Integrated Vaccine Complex, to be set up at Chengalpet near Chennai in Tamil Nadu.
The MOU was signed by Chairman and Managing Director of HLL, M. Ayyappan, with the representatives of the respective project management consultants, IL and FS and NNE Pharmaplan in the Chamber of the Union Secretary, Health and Family Welfare, Naresh Dayal.
The MediPark being set up by HLL will be a world class production facility for manufacture of medical devices, medical equipments and medical diagnostics, in over 330 acres of land.
The Integrated Vaccine Complex will be set up in about 100 acres of land. The complex will house a production facility for vaccines for the universal immunization programme and other new generation vaccines, and vaccine R and D, in accordance with WHO-cGMP guidelines, to make safe and effective vaccines available at affordable prices.
With 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 2500 crore and is projected to grow at 15 per cent annually.