IBEF: August 13, 2020
Global leader in medical technology, Medtronic plans to invest Rs 1,200 crore (US$ 170.24 million) in scaling up and expanding its current research and development centre into a modern engineering and innovation hub in Hyderabad.
This investment will make Medtronic Engineering and Innovation Centre (MEIC) as the largest global R&D centre outside of the United States for the company. The investment will be focused on building new capabilities in the region, setting up ultra-modern labs including high-end robotic-assisted surgery equipment.
"Medtronic's investment in India is a testament to our commitment to the region and we are proud to be collaborating with the government of Telangana on this major investment in the country," said Mr Omar Ishrak, Executive Chairman and Chairman of the board.
"The expansion of MEIC will help us use medical technology to alleviate pain, restore health and extend life for patients around the world, which is also aligned with the government's vision to improve access to healthcare for patients in India," he said.
The discussion between the state government of Telangana and Medtronic regarding the modalities of investment has been going on for two years. In 2016, during his visit to the United States, Minister for Industries and IT KT Rama Rao and his team of officials met Mr Ishrak.
Though, the partnership was finally announced this month via a virtual meeting. "We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the United States and intends to create about 1,000 jobs in the next few years," said Mr Rao.
"It is indeed a great honour for the city to host this centre and it is a testimony to Hyderabad's growing prowess in the medical devices sector," he said.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.