A respected Indian business publication is reporting that Medtronic is negotiating with an Indian medical technology company to make a strategic investment in it.
The company, Trivitron Healthcare, bills itself as India’s largest med tech company, and apparently has been seeking $100 million since earlier this year. The publications notes that the capital will be used to pay for expansion plans as well as offer “partial exits” to the company’s investors.
Trivitron has manufacturing operations where it produces its own products as well as those of global partners. A brief perusal of its websites creates an impression that it is an Indian company with global aspirations.
For its part, Medtronic would provide no confirmation beyond “Medtronic is always interested in discussing with other companies and see if there is a strategic fit. At this stage, we cannot provide further comments.”
While Medtronic is not offering up any details on one transaction, CEO Omar Ishrak has been pretty explicit about how he views India. In an exclusive interview with MedCity News a few months after he joined Medtronic, Ishrak said that he considered India the biggest hole in the medical device company’s global operations. The Minnesota medical device company is also looking to open an R&D Center in that populous Asian nation.
By Arundhati Parmar
Arundhati Parmar is the Medical Devices Reporter at MedCity News. She has covered medical technology since 2008 and specialized in business journalism since 2001. Parmar has three degrees from three continents - a Bachelor of Arts in English from Jadavpur University, Kolkata, India; a Masters in English Literature from the University of Sydney, Australia and a Masters in Journalism from Northwestern University in Chicago. She has sworn never to enter a classroom again.More posts by Author
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