New Delhi: Global medical technology major Medtronic plc on Tuesday said it will invest Rs 1,200 crore to scale up and expand its current R&D facility in Hyderabad into a state-of-the-art engineering and innovation center. Medtronic Engineering and Innovation Center (MEIC) will be its largest global research and development center outside the US, it said in a statement.
“This investment planned over 5 years will provide a boost to Telangana’s MedTech plans and cement Hyderabad’s position as the medical devices hub in India,” it added. The Government of Telangana and Medtronic have been in discussions for the last two years regarding the modalities of investment, the statement said.
“Research and development leads to innovation and innovation is crucial to our growth strategy. Medtronic’s investment in India is a testament to our commitment to the region and we are proud to be collaborating with the Government of Telangana on this major investment in the country,” Medtronic Chairman of the Board and Executive Chairman Omar Ishrak said.
Telangana Industries and IT Minister K T Rama Rao said, “We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the US with hopes that it will create numerous jobs in the next few years.” The Telangana government is committed to the growth of medical technology in the state and sees this partnership with Medtronic as a pivotal one, he added.