Chennai: The Rs150 crore turnover Trivitron Medical Systems Pvt Ltd, a Chennai-based medical equipment manufacturer has received $11 million funding from ePlanet a venture capital and private equity firm and a wholly owned subsidiary of The HSBC Asian Ventures Fund 2 Limited, for an undisclosed stake change.

The parties to the deal declined to reveal the stake percentage taken in Trivitron Medical Systems.

Trivitron Medical Systems plans to use the funds in manufacturing and also for setting up a medical technology park.

The park is being planned near Chennai is expected to cost around Rs250 crore.

According to Dr G S K Velu, managing director, the domestic medical technology is estimated to be in the region of $2.7 billion of which around $2.4 billion worth of equipments are imported.

The proposed medical technology park would enable localisation of many medical equipment, he added.

The Indian healthcare sector has also seen a progressive increase in investments in infrastructure and facilities, especially hi-tech medical devices.

This has made the medical device sector as one of the most promising markets in India, he said.

According to him, the company has mobilized Rs105 crore from internal accruals and bank debt. The company has also raised around Rs100 crore from other business partners for the medical technology park.