HSBC Asian Ventures'' ePlanet Two invests in Trivitron Medical Systems

31 October 2007

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.