Medical device technology company, Trivitron healthcare has entered into a joint venture partnership with Italy-based ETmedical devices to setup a joint venture company. The new firm will manufacture cardiac diagnostic instruments including ECG systems, stress test ECG, Holter ECG, ABPM recording units, monitoring systems, telemedicine IT solutions, etc by 2011 at the yet-to-be-completed medical technology park in Trivitron near Chennai. The equity stakeholding of the JV is 51:49 between the Indian company and the Italian firm, respectively, said G S K Velu, managind director of Trivitron.
?The combined investment is around Rs 10 crore and the JV will go on stream at the lease facility of Rs 250-crore medical technology park in the first quarter of 2010,? he said. The company is looking at an annual sales of Rs 25-30 crore, he added.
Attilio Castelli, MD and CEO of ET medical, said India has an addressable population four times that of Europe and the US respectively, and amid the global economic crisis, India witnessed an impressive growth. ?We have been already present in Indian market distributing products through BPL since 1997?.
Velu told FE that company is operating in the value and medium-range space of the Rs 1,5000-crore medical device technology market in India.