Hyderabad Engineering and innovation centre to receive Rs.3,000 crore from Medtronic.

Medtronic backs the state of Telangana's plans to make Hyderabad a centre for healthcare technology innovation and research.

An announcement of an investment of over $350 million (roughly Rs.3000 crore) to expand the Medtronic Engineering & Innovation Centre (MEIC) in Hyderabad was a major step forward for India's healthcare technology sector. Medtronic PLC is headquartered in Dublin and is the world leader in healthcare technology.

The Medtronic European Innovation Centre (MEIC) is the company's largest R&D facility outside the United States. Medtronic is making this expenditure part of its global R&D-driven innovation and expansion strategy. Medtronic backs the state of Telangana's plans to make Hyderabad a centre for healthcare technology innovation and research. This investment aims to help MEIC further establish itself in the Indian market following the announcement of a $160 million investment in the company in 2020. With the investment announced on Thursday, MEIC plans to increase its workforce from 800 people—mostly engineers—to over 1500 people within the next five years.