Philips Healthcare India will invest approximately $60 million into its Pune facility over the next three to five years, the company announced.
The goal of the investment is to increase manufacturing capacity at the facility, which produces cath labs and products related to mobile surgery.
“Once the capacity is doubled, more and more business lines such as ultrasound machines, CT scans and MRIs will come out of the Pune facility,” Chhitiz Kumar, Philips Capital India CEO, said in a statement.
According to Kumar, Philips has a presence in India of approximately $1 billion, with around $300 million of that coming from the company’s healthcare business. And the numbers are only improving as India’s economy continues to grow.
“We are expecting up to 18% growth in the current fiscal,” Kumar said in the statement. “We have been seeing a double-digit growth year-on-year for the past four to five years.”
Kumar also said there are plans for seven radiology centers to be opened in Haryana.
Michael has more than 16 years of experience as a professional writer and editor. He has written at length about cardiology, radiology, artificial intelligence and other key healthcare topics.