Trivitron to set up medical technology park
Wednesday, 31 October 2007, 07:00 Hrs
Chennai: Medical equipment manufacturer Trivitron Medical Systems would set up a medical technology park at an investment of 2.5 billion. The company has procured $11 million (433 million) funding from ePlanet, a venture capital and private equity firm and wholly owned subsidiary of the HSBC Asian Ventures Fund 2 Ltd. Announcing the investment by the venture fund to the media here Tuesday, G.S.K. Velu, managing director, Trivitron group, said the domestic medical technology market is estimated to be worth about $2.7 billion, of which around $2.4 billion worth of equipments are imported. He said the proposed medical technology park would enable localisation of medical equipment. He said the number of clinics and hospitals has increased almost four times since 1950. This has led to an increase in demand for high quality, specialised medical equipment. The Indian healthcare sector has also seen a progressive increase in investments in infrastructure and facilities, especially hi-tech medical devices. This has made the medical device sector as one of the most promising markets in India, he said. According to him, the company has mobilised 1.05 billion from internal accruals and bank debt. The company has also raised around 1 billion from other business partners for the medical technology park.