Medtronic plc, the global leader in medical technology, is all set to invest Rs 1200 crores in Hyderabad for expanding the current R&D centre into a state-of-the-art engineering and innovation centre.
The investment is planned for over 5 years and is aimed at making Hyderabad the hub of medical devices in the country.
The investment was announced on Tuesday through a virtual meeting IT minister KT Rama Rao had with Omar Ishrak, executive chairman and chairman of the board, Medtronic.
The expansion of the Medtronic R&D Center in Hyderabad will initially provide employment to a thousand people and gradually reaches to five thousand. It was a huge investment in Hyderabad during the Covid-19 crisis.
Medtronic is headquartered in Minnesota, USA and operates in 140 countries with production centres more than hundred countries. It has over a million employees worldwide with earnings of $30 billion in 2019-20. During a visit to the United States in 2016, KTR met Omar Ishrak, executive chairman and discussed on investments.