Medtronic (NYSE:MDT) is reportedly set to make its Hyderabad, India research & development center into its second-largest research hub across the world.
According to a report in Business Today, Medtronic committed an investment of Rs 1,200 crore (approximately $1.6 billion) to fund the expansion within five years. The company’s VP of the Indian Subcontinent, Madan Krishnan, told Business Today that the “Medtronic Engineering & Innovation Center (MEIC) will be the largest global R&D center outside of the U.S.”
The R&D center will reportedly grow in numbers from the current total of 350 employees to approximately 1,000, with the center set to provide software and engineering services across cardiac, neuro, renal and minimally invasive surgery segments for the company.
Discussions between Medtronic and the state government of Telangana have been ongoing over the last two years regarding the investment, according to Krishnan. The VP also reportedly noted that Medtronic’s investment goes hand-in-hand with India’s government’s efforts to increase domestic medtech manufacturing through production-linked incentives and “medtech parks.”
Business Today also cited a statement from Medtronic executive chairman and former CEO Omar Ishrak from a virtual function, in which he said the company’s investment in India is “a testament to our commitment to the region.”
“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,” Ishrak said.