HSBC Private Equity (Asia) Fund and ePlanet have infused $11 million (Rs 45 crore) into Chennai-based Trivitron, a medical technology company. The Rs 150-carore company, growing at 25% per annum, plans to utilise the funds to support its ambitious manufacturing plans and create infrastructure for its upcoming Rs 250-crore medical technology park project.
Anouncing this at a press conference here on Tuesday, Trivitron managing director G S K Velu said the company is upbeat on the Rs 12,000-crore medical technology market, which is expected to touch Rs 40,000 crore by 2012. Trivitron is looking at joint ventures, acquisitions and technology transfer pacts to expand its business horizons. It is in the final stage of acquiring a company in south-east Asia, where it is keen to have a direct presence.
"We are the largest medical technology company of Indian origin. There is m ore motivation for imports than manufacturing but our aim is to set up a medical technology park, to promote indigenisation of the sector in the country", he said.
The company has sought 25-acre land from Tamil Nadu government to establish the Rs 250-crore project in the Sriperumbudur area, he added.