American medical device company Medtronic plc has announced an investment of more than $350 million to expand the Medtronic Engineering & Innovation Center (MEIC) in Hyderabad. With this fresh investment, Medtronic's cumulative investment in Hyderabad becomes about half a billion USD, said the state's Industry Minister KT Rama Rao on Thursday, May 17. A day earlier, KTR had announced the grand entry of global media powerhouse Warner Bros. Discovery into the entertainment realm of Telangana. The announcement was made after KTR met Alexandra Carter, Senior Vice President of Finance at Warner Bros. Discovery.
The fresh investment from Medtronic was announced when the minister met the company's leadership team in New York. KTR tweeted that there is no better testament to the pro-business policies of the Telangana government than repeat investments. He stated that this further strengthens Telangana's position as a global hub for medical device research and innovation. MEIC is Medtronic's largest research and development centre outside of the US. The investment is part of Medtronic's overall global Research and Development (R&D)-led innovation and growth strategy.
In a joint statement, Medtronic said it supports the government of Telangana's efforts to position Hyderabad as a global hub for healthcare technology research and innovation. Medtronic leaders Mike Marinaro, Executive Vice President & President, Surgical, Mani Prakash, Vice President, Enterprise R&D, and Divya Prakash Joshi, Vice President & MEIC Site Leader, met KTR.
Ecstatic to welcome one of the country’s largest investments of more than USD 350 mn (INR 3000 Cr approx) in the medical devices sector
— KTR (@KTRBRS) May 18, 2023
Thank you @Medtronic for choosing Hyderabad as your base, this further strengthens Telangana's position as a global hub for medical devices… pic.twitter.com/3pItimAZk1
This investment builds on the initial investment of $160M in MEIC that was announced in 2020 and expands the company's footprint in India. MEIC currently employs over 800 people, primarily engineers, and is expected to grow to more than 1,500 over the next five-year period.
With this expansion, MEIC aims to leverage the sizable pool of diverse and skilled talent in India involving engineering, mobile apps, application and desktop software, cloud/web apps, data engineering, embedded software, product security, and cyber-product security. The investment will support key healthcare technology areas like robotics, imaging and navigation, surgical technologies, and implantable technologies.
Warner Bros. Discovery, on the other hand, is a premier global media and entertainment company that offers audiences a differentiated portfolio of content, brands and franchises across television, film, streaming and gaming. Hyderabad is set to witness the launch of its International Development Centre (IDC), a hub of creativity and innovation, with a whopping 1200 employees in the first year alone. This marks a significant step towards their expansion plans, KTR said. Their portfolio includes HBO, CNN, TLC, Discovery, Discovery Plus, WB, Eurosport, Animal Planet, Cartoon Network, Cinemax, HGTV, and Quest.
Thrilled to announce the grand entry of global media powerhouse "Warner Bros. Discovery" into the entertainment realm of Telangana!
— KTR (@KTRBRS) May 17, 2023
Hyderabad is set to witness the launch of their incredible IDC, a hub of creativity and innovation, with a whopping 1200 employees in the first… pic.twitter.com/z5hAj5kBNs