New Delhi: Boditech Med, a leading research & development and medical devices manufacturing company for Invitro Diagnostic Solutions from South Korea, will set up a new manufacturing facility in India at MET City, Jhajjar.
Boditech Med will be investing close to ₹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 ₹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.
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. 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.”
SV Goyal, CEO 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. With its plug-n-play infrastructure and companies from seven countries, MET City today is a leading business city in attracting more and more companies from diverse sectors.”
With Boditech Med setting up a 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, the initiative will encourage more companies from South Korea to come to India and make MET City at Jhajjar its address for setting up its operations.
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 IVD market will increase from 0.65% to 5% in the near future.
Eui-Yeol 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.”
With 25,000 jobs already generated by MET City & aiming to create over 50,000 jobs in the near future, setting up a new facility can be supported.
Model Economic Township Limited (METL)
METL is a 100% subsidiary of RIL, which is developing a world class facility on 8,000 acres’ land in the district of Jhajjar near Gurugram in the state of Haryana. More than 400 companies including some of the best national and international corporates have set up their bases in MET City due to world–class plug-n-play infrastructure at the township and its strategic location with excellent connectivity to the NCR region.