Hyderabad: In a major boost to the medical devices manufacturing in Telangana, the leading manufacturer of coronary stents in the country, SMT (Sahajanand Medical Technologies Pvt Ltd) has announced an investment of Rs 250 crore to set up an integrated manufacturing unit of minimally invasive life-saving medical devices at the Medical Device Park, Sultanpur.
The proposed unit is expected to generate 2200 direct and 500 indirect employment opportunities in the state. The unit will have a manufacturing capacity of more than 1.25 million stents per annum. Surat-based SMT is currently the number 2 player in the Indian market for stents and hopes to capture the pole position in two years.
Earlier before the announcement was made, the SMT leadership team led by Bhargav Kotadia, Managing Director of SMT met IT and Industries Minister KT Rama Rao at his camp office today.
“We are delighted to welcome SMT to Hyderabad’s vibrant life sciences ecosystem. It is indeed a pleasure to have a company that manufactures technologically sophisticated implantable products such as stents at global standards set up Asia’s biggest facility in Hyderabad. This further reinforces Telangana’s position as a preferred destination for innovator and technology companies,” said Minister KT Rama Rao.
SMT has already grabbed a strong hold onto the stent market in India by growing from 11 percent share, recorded last year to 22 percent share according to the latest statistics.
“This was a big move for SMT given that its home base is in Surat, Gujarat. But the responsiveness of the government, favorable policies such as TS-IPASS, best-in-class infrastructure and strong talent ecosystem made SMT’s move to Hyderabad an easy decision.
The pro-business environment & a highly efficient Government administrative system coupled with the great quality infrastructure & abundance of talent makes Hyderabad a natural hub for the Medical Devices industry to thrive.
We are excited to partner with the government & lead its efforts to make Telangana the global hub for Medical Devices manufacturing”, said Bhargav Kotadia, the Managing Director of SMT.
This investment demonstrates that the Telangana Government is keen to support both domestic and multinational companies that are looking to scale domestic operations in the State. Telangana is also positioning itself as an innovation hotspot in the space of advanced technology, and this investment is another feather in the cap for the state.
Ganesh Sabat, CEO, SMT, Ashish Agrawal, CFO, SMT, Jayesh Ranjan, Principal Secretary, IT and Industries Department and Shakthi Nagappan, Director, Life Sciences participated in the meeting.