Healthcare products major Hindustan Latex Limited (HLL) declared on Thursday, August 21 that it is going to set up a MediPark near Chennai where it will manufacture diagnostic devices. HLL, which is overseen by the health ministry, said it is doing so to boost the medical devices market worth Rs 25 billion.

Consequently, the HLL has inked a deal with the Infrastructure Leasing and Financial Services (IL&FS) in the presence of Health Secretary Naresh Dayal. The company further informed that the MediPark it will set up near Chennai is going to be of international standard. Spread over 330 acre plot, the MediPark will be used to make medical devices, medical equipments and medical diagnostics.

The idea is to bring up the HLL MediPark as a Public-Private-Partnership (PPP) and it will encompass sterilization centre, testing and quality control facilities, waste disposal facility and logistics hub. On infrastructure development alone, it is estimated that Rs one billion expenditure will be incurred.