Trivitron to set up INR 2.5 billion medical tech park
Chennai-based medical technology company Trivitron Medical Systems Pvt. Ltd. will get a funding of USD 11 million (INR 433 million) from ePlanet, a venture capital and private equity firm and a wholly owned subsidiary of the HSBC Asian Ventures Fund 2 Ltd., in exchange for a minority stake in Trivitron.
The funds raised will be used for developing Trivitron's forthcoming medical technology park, set to come up in a total area of 25 acres in Sriperumpudur in Chennai. The park, slated to be a first of its kind, will promote indigenisation of medical technology in India. By October 2008, the first batch of products is expected to be manufactured from the plant.
Apart from the INR 433 million from private funding, the company has raised over INR 900 million from internal accruals and bank borrowing. Trivitron's technology partners too have pooled in another about INR 900 million for the INR 2.5 billion technology park project.
Though Trinitron is the largest company of Indian origin to produce medical equipment, Dr. Velu feels that people were sceptical about buying made in India equipment, suspecting the quality. Trivitron hopes to clock a revenue of Rs 1000 crore by 2012.
With an existing portfolio of more than 15 companies in the Healthcare and Life Sciences arena, coupled with a dedicated team, ePlanet, has special interests in this sector, and believes Trivitron will provide a platform for their global partners for entry into India, to set up manufacturing facilities and distribution centres for medical equipment to serve both the local and global markets.
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Quest Diagnostics India is a wholly owned subsidiary of USD 7 billion worth Quest Diagnostics Incorporated, which is into medical diagnostic testing, information and services.
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