Peters Surgical invests €5 million to expand India plant1 min read . Updated: 21 Nov 2018, 10:18 AM IST
Peters Surgical, which has presence in 90 countries, is also open to more acquisitions in India
New Delhi: Three years after having acquired a controlling equity stake in Gurgaon-based Stericat, French medical devices company Peters Surgical SAS has invested over €5 million to expand its existing manufacturing facility in India. Peters Surgical, which has presence in 90 countries, is also open to more acquisitions in India. “We want to enrich our portfolio of products," said Thierry Herbreteau, CEO Peters Surgical. “We believe we have to do more and more and if you buy a quality partner and make it a part of your journey, it works very well."
Rajdeep Das, CEO of Peters Surgical’s India operations, said: “We are open to acquisitions, it could be products, companies, distribution channels, depending on the market we address…where we want to expand our portfolio. We we want to move into new markets…we are dynamic and open. These are strategic plans, we don’t have numbers at this point in time, but we are evaluating and seeing what are the strategic areas."
While, the company has increased its production capacity to 33 million surgical sutures a year, it also plans to manufacture products such as surgical clips, single-use instruments for laparoscopic surgery, surgical meshes and tissue glues at its Manesar facility in Haryana.
Herbreteau said that newly launched health insurance scheme Ayushman Bharat gives them a lot of hope and they are very excited to be in India.
“India is one of the potential countries. There has been a lot of growth in terms of population, Mr Modi’s insurance programme. Our assessment of the Indian market is that we have a lot of role to play and we can only capture the needs if we are present. It is one of the fastest growing markets and we are very excited. We have got the capacity, capability, if needed we will open another site," he said.
The manufacturing site in India not only will serve the patients in India but also other countries. “From the current 230 people we have at present, in next 5 years, the number would go up to 500. The company also plans to build a research and development, IT and logistic hub in India," added Herbreteau.
Founded in 1926, Peters Surgical is the second-largest wound care company in France.