HMD to invest Rs 100 cr in next three years

Healthcare products manufacturer Hindustan Syringes & Medical Devices (HMD) will invest Rs 100 crore, over the next three years in capacity expansion and for launching its products in new markets.

"We will be investing Rs 100 crore in the next three years for capacity expansion and enhancing our presence in overseas markets," HMD Joint MD Rajiv Nath told PTI.

Apart from Africa, it is also looking at entering the Commonwealth of Independent States, Nath said.

"We were planning to invest Rs 30-35 crore every year in capacity expansion, but the company suffered losses in the first half of the current year due to dollar fluctuations and a surge in input costs, which affected our plans," he said.

However, he said with the strengthening dollar and raw material costs coming down, "We are again thinking of investing in capacity expansion for the next two-three years."

It has set a target of producing 500 million auto disposal syringes in the next one and a half years.

When asked about the funding plans, he said the company would prefer debt to fund expansion and has no immediate plans to enter the capital market.

HMD, which markets and produces single-use syringes under the brand 'Dispovan', is a leading manufacturer of surgical blades, scalpels and glass syringes.