PremiumBoditech Med on Wednesday announced a new manufacturing facility in MET City, Jhajjar. The company will be investing close to Rs. 50 crores in the facility, which will be spread in an area of 10,032 sq meters.
Once operational, Boditech expects the facility to generate more than Rs. 650 crores in revenue from Indian market with a market share of more than 5 percent in IVD devices market.
“Following the recent changes in policy, India has received encouraging support for the construction of a new manufacturing facility from international companies. Thus, there is intense competition to enter this market. Haryana is among top states in ease of doing business, encouraging policies & govt. It is an appropriate location for our new facility, which we are very happy to establish in MET City, which is one of the fastest growing business cities of North India," said Eui-Yeol Choi, CEO of Boditech Med.
The sales volume of the India business of Boditech Med stands out in Southwest Asia and has continuously grown with an average annual growth rate of 38% in Southwest Asia and with an average annual growth rate of 50% in India from 2015 to 2021.
“We are very happy to have Boditech Med as a leading company in IVD diagnostics equipment manufacturing at MET City. Our project is not only one of the fastest growing Greenfield Smart City but also an address for global companies," said SV. Goyal, CEO & WTD of MET City.
Goyal added that with Boditech Med setting up a s state-of-the-art manufacturing set-up, MET City will also become a leading location for manufacturing of medical devices. “As India opens up further, we will encourage more companies from South Korea to come to India and make MET City at Jhajjar their address for setting up their operations."
It is expected to generate sales revenues in the new local production plant from 2023. Last year, Boditech generated $7.7 million dollars in India IVD market and aim to target $77 million dollars in 2030. It is expected that Boditech Med market share of India I IVD market will increase from 0.65% to 5% in the near future.
Boditech Med will be focusing on the Southwest Asia and Middle East market with the new production plant at MET City and will hire diverse human resources related to sales and regulation affairs to meet customers’ IVD needs.
Model Economic Township Limited (MET City) is developing a world-class Greenfield Smart City near Gurugram, Haryana. The MET City is a leading location for setting up companies in Haryana and North India.