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Chennai-based diagnostic equipment company Trivitron Medical Systems Pvt Ltd will get a funding of $ 11 million (Rs 45 crore) from HSBC Private Equity and venture capital firm ePlanet Ventures. According to reports, an HSBC PE entity, HSBC Asian Ventures Fund 2 Ltd, and ePlanet will get a minority stake in Trivitron, which plans to utilise the funds for acquisitions and joint ventures and also for developing a medical technology park in Chennai.
The medical technology park, likely to be located in Sriperumpudur in Chennai, is being built with an investment of Rs 250-crore. The 25-acre park will promote indigenisation of medical technology in India. Currently the medical technology industry imports account for $ 2.7 billion, of which medical equipment contributes 90 per cent. The new park is intended to indigenise this industry.
Besides the private equity funding, the company has also raised Rs 105 crore from internal accruals and bank borrowing, the report says. Trivitron's technology partners too have chipped in with Rs 100 crore for the technology park project. Its current revenues are not reported, but the company hopes to clock Rs 1000 crore sales by 2012. Dr G S K Velu is the Managing Director of Trivitron group.