Updated July 19, 2012 at 11:30 a.m. with comments from Medtronic.
A news report from India today suggested that med-tech titan Medtronic (NYSE:MDT) may be looking to invest in Indian device maker Trivitron Healthcare.
Trivitron, which calls itself the "largest Indian medical technology company," features business segments for cardiology, imaging, diagnostics, critical care and ophthalmology, according to its website.
The company is rumored to be in the market for a $100 million investment and Medtronic may be part of those discussions, according to India’s Business Standard.
"Medtronic is always interested in discussing with other companies and see if there is a strategic fit," spokeswoman Amy von Walter told MassDevice in an emailed statement. "At this stage, we cannot provide further comments."
The reports follow Medtronic CEO Ishrak’s first official foray to Southeast Asia as the head of the world’s largest pure-play device maker.
"Just leaving Bangladesh after a one day visit. First time as #MDT CEO. Great to see renal denervation procedures being done here," Ishrak tweeted from his @MedtronicCEO account yesterday morning.
"Big potential device market in Bangladesh.. Education and awareness are key needs. #MDT committed to lead," he added shortly after.
Ishrak has previously hinted at big plans for Medtronic in India. He announced in Sept. 2011 that he’d undertake a focused push toward India as part of his global strategy.
At an annual shareholders meeting in August he called emerging markets, including India, a potentially less risky prospect than developing products for the U.S. market.
"The biggest long term opportunity will be to meet the needs of billions of people who have no access to healthcare at all," he said at the time. "The population in emerging markets is tenfold that of developed countries. These statistics are further compounded by the fact that U.S. market is essentially flat…reaching the global middle class opens up opportunities to us beyond anything we’ve ever seen before."
He added that there was 200,000 to 300,000 people in the middle class in India who could afford many of Medtronic’s technologies right now and that helping to build the health care infrastructure around those patients could lead to millions more.
