(MOREPIC1) Face2News/Gurugram
Boditech Med, a leading R&D and Medical Devices manufacturing company for Invitro Diagnostic Solutions from South Korea, will establish a new manufacturing facility in MET City, Jhajjar. Boditech Med will be investing close to INR 50 crore in the new manufacturing facility, which will be spread in an area of 10,032 square meters. Once fully operational, Boditech expects to generate more than INR 650 crores in revenue from this Indian market with a market share of more than 5% in IVD devices market.
Model Economic Township Limited (MET City), a wholly owned subsidiary of Reliance Industries Limited (RIL), 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.
Mr. Eui-Yeol Choi, CEO of Boditech Med, said, “Following the recent changes in policy, India has received encouraging support for the construction of a new manufacturing facility from international companies. (SUBHEAD)
Mr. SV. Goyal, CEO & WTD of MET City, said, “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. 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.
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.
Mr. Eui-Yeol Choi, CEO of Boditech Med, said, “It is expected that IVD needs will continue to rise as the income levels of citizens in Southeast Asia have grown and the number of chronic disease patients has increased. The upcoming manufacturing facility in India will enable us to increase the market share of IVD market in Southwest Asia. With this as momentum, we are aiming to become a global IVD company.”
