Chennai-based medical equipment manufacturer Trivitron Healthcare Pvt Ltd formed a JV with Italy-based IMD Generators to design and manufacture X-ray equipment and accessories, a company release said.
The JV is named Kiran IMD X Ray Private Ltd as the venture also involves Kiran Medical Systems, a manufacturer and supplier of image enhancement accessories and radiation protection products, which Trivitron acquired last year.
The products will be manufactured out of facilities in Chennai and Mumbai in India and Bergamo in Italy.
Trivitron will hold 60 per cent share in the JV while IMD group will hold 40 per cent.
Trivitron aims to reach Rs 100 crore revenue within three years of the JV’s operations by manufacturing X-ray generators, high frequency X-ray machines, mobile and full room DRs, etc.
GSK Velu, founder and managing director of Trivitron group, said, “This JV is in line with Trivitron's philosophy of making
state-of-the-art technology accessible and affordable to a large section of the population.”
Aliberti, CEO of IMD group, said, “Bringing Trivitron, Kiran and IMD's expertise and network together will ensure more comprehensive product offerings to the focus markets in a most cost effective basis.”
Ramesh Modi, CEO of Kiran Medical Systems, said, “This is an exciting moment for Kiran Medical Systems as we move up in our value chain to provide a more comprehensive product line to our channel partners and customers across the globe. The products of IMD and Kiran are complimentary to each other and the JV will benefit both companies.”
Through its group companies IMD Generators, Intermedical and Technix, IMD group has been manufacturing equipment like high frequency X-ray machines, mobile and full room DRs, cathlabs and dental OPG and accessories like X-ray generators, etc.
Mumbai-based Kiran Medical Systems develops products such as cassettes, screens, grids, shields and computer radiography systems, and exports them to 160 countries. It also provides accessories to imaging product manufacturers like Fuji, Agfa and Kodak.
Trivitron had initially picked 26 per cent stake in Kiran Medical Systems in 2011 and later increased it to 51 per cent before completely buying it.
Trivitron also acquired Imaging Products India (IPI), a manufacturer and marketer of contrast products in association with global leaders Bracco Spa of Italy, which will help it strengthen its hold in the South Asian market for radiology.
In 2012, Trivitron acquired Finland-based Ani Labsystems Ltd and its group companies for $22.2 million.
Private equity firm India Value Fund Advisors (IVFA) had invested Rs 150 crore for a minority stake in Trivitron last year.
Trivitron, which was started by GSK Velu in 1997, has eight manufacturing facilities in the country. It manufactures products like ultrasound equipment, analog and digital X-ray, ECG machines and patient monitors.
(Edited by Joby Puthuparampil Johnson)