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HSBC (Asia) Fund and ePlanet invest jointly in Trivitron

HSBC (Asia) Fund and ePlanet invest jointly in Trivitron
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First Published: Wed, Oct 31 2007. 10 21 AM IST
Updated: Wed, Oct 31 2007. 10 21 AM IST
New Delhi: Trivitron, India’s leading medical technology company announced a significant investment of $11 million, by a wholly owned subsidiary of HSBC Asian Ventures Fund 2 Ltd 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 its forthcoming medical technology park. Veda Coprorate 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 indigenization of medical technology in India. They have also requested Government of Tamil Nadu to allot 25 acres of land near Chennai to start this project.
Speaking on the occasion, G.S.K Velu, managing director of Trivitron Group of companies says, “the Indian medical technology industry accounts for an expenditure of $2.7 billion with $2.4 billion of it accruing towards imports alone. The medical technology park will be the first step towards indigenization of medical equipment manufacturing in India thereby making India one of the leaders among other medical equipment manufacturers around the world.”
According to James Savage, investment director, HSBC Private Equity (Asia) Ltd, “Healthcare industry is one of the fastest growing service sectors in India, and the private sector is witnessing a paradigm shift from predominantly small scale operations to large scale institutional organizations. With population growing at 1.38%, there is a steep rise in demand for high quality medical equipment at competitive prices. With over a decade of experience in the sector, we find ourselves well positioned to benefit from this opportunity.”
Chandrasekar Kandasamy, Managing Director, ePlanet Ventures says, “With an existing portfolio of more than 15 companies in the healthcare and life sciences arena, coupled with a dedicated team, ePlanet, has special interests in this sector. 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.”
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First Published: Wed, Oct 31 2007. 10 21 AM IST
More Topics: HSBC | Asia | ePlanet | Trivitron | Corporate News |