Global medical technology leader, Medtronic plc, has decided to invest Rs. 1,200 crore to expand its research and development centre at Hyderabad in Telengana.
With Hyderabad fast emerging as India’s hub for medical devices manufacturing, the US-based Medtronic has decided to further consolidate its base in India in the medical devices manufacturing sector. As part of this, the company has decided to invest Rs. 1,200 crore to scale up and expand its current R&D centre into a state-of-the-art engineering and innovation hub in Hyderabad.
With Medtronic’s plan to expand its R&D base in Hyderabad, the city will be hosting second largest state-of-the art engineering and innovation centre of Medtronic (MEIC) outside USA.
Earlier last week, Omar Ishrak, executive chairman and chairman of the board, Medtronic held a virtual meeting with Telangana Industries Minister K Taraka Rama Rao and announced Medtronic’s intention to partner with state government of Telangana to usher in the fast developing medical devices sector in the state.
As part of their meeting, the industries minister conveyed to the Medtronic authorities about the various pro-active initiatives taken by the Telangana government to promote the medical devices sector in the state. “We are really happy to note that Medtronic has agreed to invest Rs. 1,200 crore in Telangana for establishing its R&D and innovation centers. This is a welcome move as it will give a renewed push to the already picking up medical devices sector in the state,” observed Rao.
Adding further, the Industries minister said that the state government is committed to the growth of med-tech in the state and promised to work with more such companies which will continue to contribute to the improvement of healthcare.
It is learnt that the investment by Medtronic company will be over a period of 5 years and it will provide a booster dose to the already fast picking up medical technology and medical devices manufacturing in the state.
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