Trivitron JVs with intl cos. to set up India's first Medical Technology Park (MTP)

Trivitron, which makes medical technology products, has inked three joint venture (JV) deals with Japan-based Aloka Company Ltd. (the innovator in ultrasound), Biosystems of Spain and Brandon Medical of the UK that would see India, for the first time, produce its own high-end, cost-efficient medical technology products, including critical care equipments.

While Trivitron would hold 40 percent stake in the JV deal with Aloka, in the other two deals with Biosystems and Brandon Medical, it would hold 60 percent and 51 percent stakes respectively.

According to Dr. G.S.K. Velu, managing director, Trivitron, an initial investment of Rs.250 crore (approx. $60 million) would be made to set up the park, which would stretch over an area of 23 acres in Irugattukottai, Chennai. While Trivitron would invest Rs.170 crore ($42 million), the remaining amount would be invested by the three joint venture partners.

The park would focus on developing medical technology products, making medical instruments to the rural people both affordable and accessible, Velu said, adding that about 3000 people would be employed in the next 3 years.

Initially, the focus would be on catering to the needs of the domestic medical equipment market (estimated to be worth $3 billion) and depending on the response, emerging markets in South Asia, West Asia and Africa would also be tapped.