Medtronic, an Ireland-based medical device company, has announced plans to invest $350m to open an engineering and innovation centre in the Indian city of Hyderabad in the south-central state of Telangana. The company is excepting to create more than 1,500 jobs over the next five years as a result of the plans.
Medtronic is recognised as a global healthcare tech leader, employing more than 90,000 people across 150 countries. It provides solutions that treat more than 70 health conditions including Parkinson’s and diabetes. The company has more than 49,000 patents in its portfolio.
The state of Telangana has enjoyed several landmark investments in recent years. In late 2020, Amazon Web Services’ $2.77bn (Rs207.6bn) investment in the state became its largest-ever foreign direct investment (FDI) project. Indeed, the region managed to perform well even throughout the Covid-19 pandemic, when most of the rest of the world was struggling, attracting $1.5bn in total FDI between April and December 2020.
Further afield in India, this announcement comes on the back of a number of foreign investors entering the country. Indeed, India was the most popular FDI destination for job creation in 2022, benefitting from a decline in inbound investment in China.