Establishment of Rs 250 cr medical technology park announced

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Chennai, May 19: : Medical technology products manufacturer, Trivitron Group of Companies on Monday announced the establishment of a Rs 250 crore Medical Technology Park at SIPCOT Industrial Park at Sriperumbudur near Chennai, the foundation stone for which was laid on Monday.

The facility would be implemented by way of a Joint Venture with Japan-based Aloka Company Ltd. which is holding the major stakes at 60 per cent, Dr GSK Velu, Managing Director, Trivitron Group of Companies, said in Chennai.

The company had also forged JVs with Biosystems of Spain and Brandon Medical of UK and was holding major stakes of 60 per cent and 51 per cent respectively, he said.

Velu said that the park would come up on 23 acres of land, and added that the company proposed to acquire 2 more acres of land as it was exploring the possibility of converting the park into a Special Economic Zone (SEZ).

"Cost effective, high quality medical technology products will be manufactured here, with a view to export them to South Asia, Middle East and African markets, besides selling them in India," he said.

Manufacturing the products in India for domestic use would reduce their prices by 30-40 per cent, he claimed, adding that most of them were presently being imported.