Omron, a Japanese electrical equipment business, would allegedly construct its first medical device facility in India in Tamil Nadu. This comes after Tamil Nadu signed Memorandums of Understanding (MoUs) with six Japanese companies for Rs 820 crore on Monday.
According to Reuters, Omron will manufacture products such as blood pressure monitors and will invest approximately $15.7 million in the plant’s construction. The corporation has yet to respond.
The Japanese company, which manufactures anything from blood pressure monitors to industrial switches, will be the latest global company to invest in Tamil Nadu, which has recently seen a flurry of investments from companies including Hyundai Motor, Nike manufacturer Pou Chen, and Ola Electric.
Omron recently stated that it would focus on ‘grabbing demand in India,’ where it anticipates sales of blood pressure monitors to skyrocket in the future years due to changes in lifestyle and an ageing population.
Meanwhile, the MoUs inked on Monday were between six Japanese firms and the state’s central body for investment promotion, Guidance Tamil Nadu. The MoUs were signed in Tokyo by CM MK Stalin.
An agreement was signed with KyoKuto Satrac for Rs 113.90 crore for the establishment of a 13-acre plant in Mambakkam, with Mistuba for Rs 155 crore to expand its plant at SIPCOT Gummidipoondi, with Kohyei for Rs 200 crore to build a polycarbonate sheet manufacturing plant, with Sato Shoji Metal Works for Rs 200 crore to set up a plant to manufacture high-quality steel components, with Tofle for Rs 150 crore.