Gurugram (Haryana) [India], November 16 (ANI): Korean firm Boditech Med said it would set up a new manufacturing facility in MET City, Jhajjar, with an investment of Rs 50 crore.
Boditech Med in a statement on Wednesday said it would be investing close to Rs 50 crore in the new manufacturing facility, which will be spread over 10,032 sq m.
Once fully operational, Boditech expects to generate more than Rs 650 crore in revenue from the Indian market with a share of more than 5 per cent in IVD devices market. Boditech Med is a leading research and development, and medical devices manufacturing company for invitro diagnostic (IVD) solutions from South Korea.
Model Economic Township Limited (MET City), a wholly-owned subsidiary of Reliance Industries (RIL), is developing a world-class Greenfield Smart City near Gurugram, Haryana. The MET City is a leading location for setting up companies in Haryana and North India.
Eui-Yeol Choi, Chief Executive Officer (CEO), Boditech Med, said, “Following the recent changes in policy, India has received encouraging support for the construction of a new manufacturing facility from international companies. Thus, there is intense competition to enter this market. Haryana is among the top states in ease of doing business, encouraging policies and government. It is an appropriate location for our new facility, which we are very happy to establish in MET City, which is one of the fastest-growing business cities in North India.”
SV Goyal, CEO & Whole-Time Director of MET City, said, “We are very happy to have Boditech Med as a leading company in IVD diagnostics equipment manufacturing at MET City. Our project is not only one of the fastest growing Greenfield Smart City but also an address for global companies.”
He added, “With its Plug-n-Play infrastructure and companies from 7 countries, MET City today is a leading business city in attracting more and more companies from diverse sectors. With Boditech Med setting up a state-of-the-art manufacturing set-up, MET City will also become a leading location for manufacturing medical devices. As India opens up further, we will encourage more companies from South Korea to come to India and make MET City at Jhajjar their address for setting up their operations.”
The Korean company said the sales volume of the India business of Boditech Med stands out in Southwest Asia and has continuously grown with an average annual growth rate of 38 per cent in Southwest Asia and with an average annual growth rate of 50 per cent in India from 2015 to 2021.
It is expected to generate sales revenues in the new local production plant from 2023. Last year, Boditech said it generated $7.7 million in India IVD market and aimed to target $77 million in 2030. It is expected that Boditech Med market share of India IVD market will increase from 0.65 per cent to 5 per cent in the near future, according to the statement.
Eui-Yeol Choi, CEO of Boditech Med, said, “It is expected that IVD needs will continue to rise as the income levels of citizens in Southeast Asia have grown and the number of chronic disease patients has increased. The upcoming manufacturing facility in India will enable us to increase the market share of IVD market in Southwest Asia. With this as momentum, we are aiming to become a global IVD company.”
Boditech Med said it would be focusing on the Southwest Asia and Middle East markets with the new production plant at MET City and would hire diverse human resources related to sales and regulatory affairs to meet customers’ IVD needs.
With 25,000 jobs already generated by MET City and aiming to create over 50,000 jobs in the near future, setting up a new facility can be supported, the company said in the statement. (ANI)
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