Healthcare technology firm Medtronic PLC has announced an investment of more than $350 million (approximately Rs. 3,000 crore) to expand the Medtronic Engineering and Innovation Centre (MEIC) in Hyderabad. The announcement came after Telangana IT and Industries Minister KT Rama Rao met the company's leadership team in New York.
In a tweet, Minister KTR stated that he was "ecstatic to welcome one of the country’s largest investments of more than USD 350 mn (INR 3000 Cr approx) in the medical devices sector".
"Thank you, Medtronic for choosing Hyderabad as your base, this further strengthens Telangana's position as a global hub for medical device research & innovation," KT Rama Rao tweeted.
He further wrote, "With this fresh investment of more than USD 350 million, Medtronic's cumulative investment in Hyderabad becomes about Half Billion USD. There is no better testament to the pro-business policies of the Telangana Government than repeat investments".
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MEIC is Medtronic's largest research and development centre outside of the US. The investment is part of Medtronic's overall global R&D-led innovation and growth strategy. In a joint statement, Medtronic stated that it supports the Telangana government's initiatives to establish Hyderabad as a centre for international healthcare technology research and innovation.
This investment builds on the initial investment of $160M in MEIC that was announced in 2020 and aims at expanding the company’s footprint in India. The expansion of MEIC in Hyderabad aims to leverage the sizable pool of large and skilled talent in India involving engineering, mobile apps, desktop software, applications, embedded software, data engineering, product security, cloud/web apps, and cyber-product security. The investment will support key healthcare technology areas like robotics, surgical technologies, imaging and navigation, and implantable technologies.