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Wednesday, March 27, 2024

₹8,000 crore would be invested in manufacturing and R&D by Wipro GE in India.

On Tuesday, Wipro GE Healthcare said that, in order to boost domestic production and research and development (R&D), it will invest more than ₹8,000 crore in India over the following five years.

One of the world's top providers of digital solutions, pharmaceutical diagnostics, and medical technology, the firm said that its 'Made in India' PET CT Discovery IQ scanner will be shipped to fifteen nations as part of the investment.

Furthermore, the business announced in a statement that locally made Revolution Aspire CT, Revolution ACT, and MR breast coils will be created "In India for the World."

₹8,000 crore would be invested in manufacturing and R&D by Wipro GE in India.

Footprint of local manufacturing

In order to meet the expanding domestic and international market, the company's local production footprint is strengthened by this strategic investment. It further stated that it will strengthen the organization's supply chain resilience.

Azim Premji, Chairman of Wipro GE Healthcare, stated that India is capitalizing on the revived growth of the healthcare sector and the quickly growing MedTech industry.

"With the implementation of 'Make in India,' we are seeing an exponential growth in the manufacturing base in the nation, enhancing India's position as the global center for medical technology.

Premji, who is also the chairman of Wipro Enterprises and the Azim Premji Foundation, continued, "Wipro GE Healthcare has been committed to this localization journey for over three decades and this strategic investment is testament to our vision for this sector."

Market with great potential

According to Peter J. Arduini, president and CEO of GE HealthCare, India is a very prospective and important market for the company internationally.

Among the first MedTech businesses to 'Make in India - for India and the World', we are, in fact. We'll keep funding the development of India's domestic MedTech manufacturing and research and development capacities as well as its worldwide presence," he declared.

In addition, Arduini stated, "Today's announcement is aligned with our strategic vision to deliver precision innovation globally and accelerate India's position as 'MedTech innovation and manufacturing hub for India and for world markets." Wipro GE Healthcare Managing Director and President & CEO, GE HealthCare South Asia, Chaitanya Sarawate, expressed confidence in India's potential as a local partner and in the country's quest to become 'Atmanirbhar', a vital component of a robust global supply chain.

"As India envisions to be among top five global manufacturing hubs in terms of value and technology for medical devices in the coming years, we are committed to the national healthcare agenda." There are now four manufacturing facilities in Bengaluru owned by Wipro GE Healthcare.

According to the firm, all of these plants are export-oriented, and the most recent one was built in March 2022 with an investment just over ₹100 crore, made possible by the Indian government's production-linked investment (PLI) scheme.

Wipro GE Healthcare was founded in 1990 as a joint venture between Wipro Enterprises Ltd. and GE Precision Healthcare LLC, USA. Its activities are dispersed among Nepal, Bhutan, Bangladesh, Sri Lanka, and India.

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