- Friday, April 26, 2024
The company will play a key role in enhancing the medical infrastructure of the Indian state by producing medical devices there, chief minister MK Stalin said in a statement.
By: Shubham Ghosh
Japan’s Omron is set to invest Rs 1.28 billion (£12.4 million) in its inaugural medical device factory in the southern Indian state of Tamil Nadu, the local government said and it will be the latest foreign manufacturer to set up operations in the region, Reuters reported.
Omron will play a key role in enhancing the medical infrastructure of the Indian state by producing medical devices there, chief minister MK Stalin said in a statement on Tuesday (30).
The government signed a deal with the company at an event attended by the managing executive officer of Omron’s healthcare business, Ayumu Okada, and other executives.
Omron declined to comment, Reuters added.
Earlier in the day, the news outlet reported citing two government sources that the Japanese company will make devices, including blood pressure monitors, in Tamil Nadu.
Omron manufactures electrical equipment, including blood pressure monitors to industrial switches and is set to become the latest global manufacturer to enter or ramp up production in the southern Indian state, which has in recent months attracted investments from Hyundai Motor, Nike shoemaker Pou Chen and SoftBank Group-backed Ola Electric, the report added.
Last month, Omron forecast that cardiovascular equipment sales will gradually recover on the easing of Covid-19 curbs in China and the peaking out of inflation mainly in the US and Europe.
It also said it would focus on “capturing demand in India,” where it expects sales of blood pressure monitors to go up in the coming years, spurred by an aging population and changes in lifestyles.
Omron’s healthcare devices are made in Japan, China and Vietnam.
On Monday, the Tamil Nadu government said six other Japanese manufacturers had signed agreements to invest Rs 8.19 billion (£79.7 billion).
More investments were expected in the medical technology space in future, one of the government sources said.
