Hyderabad: To expand the Medtronic Engineering and Innovation Center (MEIC) in Hyderabad, Medtronic PLC, the Dublin-based global leader in healthcare technology, announced an investment of Rs 3000 crore.
The investment is part of Medtronic’s overall global R&D-led innovation and growth strategy as MEIC is Medtronic’s largest research and development (R&D) centre outside of the US.
The announcement came after Telangana IT minister KT Rama Rao met the Medtronic leaders in New York.
Principal secretary of the state, Jayesh Ranjan, and CEO of Telangana Life Sciences, Shakthi M Nagappan, were also present during the meeting.
This investment builds on the initial investment of dollars 160 million in MEIC that was announced in 2020 and aims at expanding the company’s footprint in India.
Warner Bros. Discovery’s new centre in Hyderabad to employ 1200
MEIC currently employs over 800 people, primarily engineers, which is expected to be expanded to over 1500 in the next five years.
According to a press note from Medtronic, the investment will support key healthcare technology areas like robotics, imaging and navigation, surgical technologies and implantable technologies.
KTR at the meeting said, “The expansion of MEIC in Hyderabad is a testament to the city’s robust ecosystem and Hyderabad’s growing prominence in the global med-tech sector. We are thrilled to continue our support for Medtronic’s growth and look forward to their continued contributions to healthcare innovation in the state and country.”
Mike Marinaro said, “Hyderabad has proven to be a strategic location for Medtronic, and we are proud to be collaborating with the government of Telangana on this major investment in the country.”
During the meeting, KTR provided the Medtronic leadership team with an overview of various new developments and initiatives taken by the state government to promote the healthcare technology sector.