The proposed unit, to come up at Medical Devices Park at Sultanpur in Sangareddy district, is expected to generate 2,200 direct and 500 indirect employment opportunities, according to a Telangana government statement.
The unit will have a manufacturing capacity of more than 1.25 million stents per annum, which will make it Asia's largest stent manufacturing unit.
Surat-based SMT is currently the number two player in the Indian market for stents and hopes to capture the pole position in two years.
Ab SMT leadership team led by Bhargav Kotadia, Managing Director of SMT, met Information Technology and Industries Minister K.T. Rama Rao.
"It is indeed a pleasure to have a company that manufactures technologically sophisticated implantable products such as stents at global standards set up Asia's biggest facility in Hyderabad. This further reinforces Telangana's position as a preferred destination for innovator and technology companies," said Rama Rao.
SMT's share in the stent market in India has doubled to 22 per cent during the current year.
"The responsiveness of the government, favorable policies such as TS-IPASS, best-in-class infrastructure and strong talent ecosystem made SMT's move to Hyderabad an easy decision," said Bhargav.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
