Omron to open first Indian medical devices plant in Tamil Nadu -sources
By Praveen Paramasivam
CHENNAI, May 30 (Reuters) -Japan's Omron 6645.T will open its first medical device factory in India in the southern state of Tamil Nadu, two local government sources with direct knowledge said on Monday, the latest foreign manufacturer to set up operations in the region.
Omron will make devices including blood pressure monitors and will invest nearly 1.3 billion Indian rupees (about $15.7 million) to set up the plant, the sources said, declining to be identified ahead of an official announcement later on Tuesday.
The company did not respond to a request for comment from Reuters.
The Japanese company makes electrical equipment ranging from blood pressure monitors to industrial switches and will become the latest global manufacturer to enter or ramp up production in Tamil Nadu, which has in recent months attracted investments from Hyundai Motor 005380.KS, Nike shoemaker Pou Chen 9904.TW and SoftBank Group-backed 9984.T Ola Electric.
Omron last month forecast sales of its cardiovascular equipment to gradually recover on the easing of COVID-19 curbs in China and the peaking out of inflation mainly in the United States and Europe.
It also said it would focus on "capturing demand in India," where it expects sales of blood pressure monitors to soar in the coming years, spurred by an aging population and lifestyle changes.
Omron's healthcare devices are currently manufactured in Japan, China and Vietnam, according to its website.
On Monday, the Tamil Nadu state government said six other Japanese manufacturers had signed agreements to invest 8.19 billion rupees ($99 million) during a visit by state officials to Japan.
More investments were expected in the medical technology space going ahead, one of the government sources said.
($1 = 82.5944 Indian rupees)
Reporting by Praveen Paramasivam in Chennai; Editing by Aditya Kalra and Christian Schmollinger
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
