SRL Diagnostics will invest over Rs 300 crore within 5 years to expand network as it looks to tie up with more States to open labs in government-run hospitals.

The company has already entered into partnerships with Himachal Pradesh, Jharkhand and Uttar Pradesh governments to establish labs in government run hospitals in these States.

“The company is coming up with 150 labs in domestic market and 50 labs in international market in the next five years, which will be an addition to 306 labs that SRL has till now,” SRL Ltd CEO Sanjeev Vashishta said in a statement.

In order to fund the expansion plan, it has drawn up “an investment of more than Rs 300 crore in the next five years”.

On the partnership with state governments, he said: “The infrastructure development in Indian diagnostic sector is limited and government has realised the need for PPP model to provide affordable and accessible diagnostics to the masses and to fill this existing vacuum.”

He further said, “We are also looking forward to extend our relationship with other state governments to ensure accurate and quality diagnosis is available to maximum number of people in the country.”

With a plethora of unaccredited labs in these cities, such initiatives will also help raise the benchmark in diagnostic services in tier II and III cities, Vashishta added.

In Himachal Pradesh, SRL now operates 24 labs, while in Jharkhand it has set up labs in government hospitals 12 districts in this fiscal. It had recently entered into a partnership with Uttar Pradesh government to establish collection centers in 22 districts to provide over 150 specialised tests.

On the overall network expansion, the company said it plans to set up labs in places, including Cuttack, Hubli, Faizabad, Goa, Nashik, Allahabad, Karimganj.

In the international market, it is eyeing Congo, Nigeria, Nepal, Sri Lanka, Bangladesh and Myanmar, the company said.