MDI Labs of Germany to invest Rs 150 crore in Indian subsidiary

MUMBAI: Leading German clinical laboratory Medizinisch Diagnostiche Institute (MDI) proposes to invest Rs 150 crore and plans to achieve a turnover of Rs 350 crore in 2015 in its Indian subsidiary.

"We have drawn up Rs 150 crore expansion plans over the next three years period, of which our German parent MDI will invest Rs 50 crore. We plan to install world-class automated machines and web-based software in 25 hospital labs across the country," MDI Laboratories India Director Devendu Mehta said in a statement.

The company also plans to achieve a turnover of Rs 50 crore in FY'13 and Rs 350 crore in FY'15. The expansion will be funded through internal accruals only, Mehta said.

The company has inaugurated its collection center and processing unit in Karnataka, with opening of first centre at Indiana Hospital & Heart Institute in Mangalore, he said.

India's pathological laboratory sector is estimated at USD 4.8 billion by 2015. The diagnostic and pathological laboratory (path lab) test services market holds 52.1 per cent of share. The pathological sector is projected to contribute USD 2.5 billion by 2012, according to CII-KMPG report.