HLL Lifecare plans IPO in next nine months

State-owned contraceptives manufacturer HLL Lifecare today said it plans to come up with an initial public offer (IPO) to raise funds in next nine months.

Earlier known as Hindustan Latex, the company plans to invest Rs 570 crore in new projects such as setting up a 'Vaccine Complex' and 'Medipark'.

"The IPO will take 6-9 months time," a senior company official told PTI.

The government has decided to divest stake in the company. HLL Lifecare is planning to invest Rs 570 crore, he said.

"The vaccine complex is being set up at Chingleput in Tamil Nadu," the official said.

Besides the vaccine complex, the company is also setting up a 'Medipark' to manufacture medical equipment.

HLL Lifecare makes 130 crore unit of condoms under various brand names, including Moods, with a market share of 60-65 per cent in India. The company also exports condoms to over 100 countries outside India.

Established in 1966, the company started operations in 1969 under the Ministry of Health and Family Welfare.

It manufactures a host of health-care products, including condoms, contraceptive pills, Copper T and medical devices.