Medical Equipment maker Opto Circuits announced the acquisition of Kolkata-based N S Remedies Ltd for USD 1.5 million in an all-cash deal.
In a filing to the Bombay Stock Exchange (BSE), Bangalore-based Opto Circuits said the acquisition would help the company foray into manufacturing of cardiac stents.
“We are pleased to conclude this acquisition that will extend our capabilities from designing cardiac stents to now manufacturing them,” Opto Circuits India Chairman and Managing Director Vinod Ramnani said.
The company said, it has acquired N S Remedies for about USD 1.5 million through an all-cash deal and the proceeds were met out of internal accruals.
Based out of Kolkata, N S Remedies is engaged in stent manufacturing and, research and development. It can also produce stainless steel and cobalt chromium stents.
Ramnani said, the acquisition, besides enhancing our manufacturing capacity, will significantly reduce the cost of making bare metal stents and will reduce our dependence on external agencies.
Opto Circuits is a 100 per cent export oriented unit and is a leading manufacturer of healthcare equipment in India.