|
Investment
HSBC Private Equity (Asia) Fund and ePlanet together invest in Trivitron
The funds will be used for the infrastructural development
for Trivitron's forthcoming medical technology park
Dr GSK Velu |
Trivitron, a medical technology company, recently announced
a significant investment of $11 million, by a wholly-owned subsidiary of the
HSBC Asian Ventures Fund 2 Limited, advised by HSBC Private Equity (Asia) Limited
and ePlanet, a global venture capital and private equity firm. Both firms will
together hold a minority stake in Trivitron. The funds raised will facilitate
Trivitron's ambitious manufacturing business plans through acquisitions and
joint ventures and will be used for the infrastructural development for Trivitron's
forthcoming medical technology park. Veda Corporate Advisors acted as advisor
for this transaction.
The proposed Rs 250-crore medical technology park is a first-of-its-kind
initiative and will promote indigenisation of medical technology in India. Trivitron
has also requested the Government of Tamil Nadu to allot 25 acres of land near
Chennai to start this project.
Said Dr GSK Velu, Managing Director of Trivitron Group of Companies, "The
Indian medical technology industry accounts for an expenditure of $2.7 billion
with $2.4 billion of it accruing towards imports alone. Our forthcoming medical
technology park would be the first step towards indigenisation of medical equipment
manufacturing in India. We are delighted that reputed global investments firms
like HSBC Private Equity (Asia) Limited and ePlanet have shown trust in our
vision and aggressive growth plans to reach the Rs 1,000 crore revenue mark
by 2010."
According to James Savage, Investment Director, HSBC Private Equity (Asia) Limited,
"The healthcare industry is one of the fastest growing service sectors
in India. With population growing at 1.38 per cent, we see a steep rise in demand
for high quality medical equipment at competitive prices. With over a decade
of experience in the sector, we believe Trivitron is well positioned to benefit
from this opportunity." Chandrasekar Kandasamy, Managing Director, ePlanet
Ventures, said, "Our strong focus, especially in the healthcare devices
space, could provide significant value add to Trivitron and help them in identifying
and acquiring companies in the healthcare space worldwide."
Today, the medical device market is growing exponentially. According to official
statistics, the number of clinics and hospitals has increased almost four times
since 1950. This has led to an increase in demand for high quality, specialised
medical equipment, which at a 15 per cent annual growth rate is expected to
touch $3.67 billion by 2012. This has made the medical device sector as one
of the most promising markets in India.
EH News Bureau
|
