Medtronic to invest Rs 1,200 crore to expand Hyderabad R&D center
Rama Rao briefed the Medtronic leadership team on various initiatives taken by Telangana government to promote the medical devices sector
Hyderabad: Medtronic plc, the global leader in medical technology, has decided to invest Rs 1200 crores in scaling up and expanding the current R&D centre into a state-of-the-art engineering and innovation centre in Hyderabad.
Omar Ishrak, Executive Chairman and Chairman of the Board, Medtronic along with his team had a virtual meeting with IT and Industries Minister KT Rama Rao on Tuesday and announced that Medtronic company will work with the partnership of Telangana government.
During the virtual meeting, Rama Rao briefed the Medtronic leadership team on various initiatives taken by the Telangana Government to promote the Medical Devices sector and the developments over the last few years.
While recalling memories of his meeting with Omar Ishrak in the U.S., KTR congratulated him for taking over as the Executive Chairman of Medtronic and Chairman of the Board of Intel and congratulated Geoff Martha on his appointment as the new CEO of Medtronic.
Rama Rao said, “We are delighted that Medtronic has chosen Hyderabad as its largest R&D base outside the U.S. and intends to create about 1000 jobs in the next few years. It is indeed a great honour for the city to host this center and it is a testimony to Hyderabad’s growing prowess in the medical devices sector."
He said “the state government is committed to the growth of med-tech in the state and we see this partnership with Medtronic as a pivotal one. We will work with them to ensure this center will continue to contribute to their remarkable efforts to improve healthcare globally.”
Making the announcement Omar Ishrak, 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.
He said “the expansion of MEIC will help us serve the Medtronic Mission to use medical technology to alleviate pain, restore health and extend life for patients around the world, which is also aligned with the government’s vision to improve access to healthcare for patients in India.”