Wipro GE Healthcare Sets Sight on India's Healthcare Growth with $960M Investment

Author: Vandana Singh | March 26, 2024 02:02pm

Wipro GE Healthcare, a joint venture between India’s Wipro Limited (NYSE:WIT) and GE Healthcare Technologies Inc (NASDAQ:GEHC), announced plans to invest ₹80 billion ($960 million) in its manufacturing and research and development facilities in India over the next five years. 

The Bengaluru-based medical technology company aims to bolster local manufacturing in alignment with the Indian government’s “Make in India” initiative.

The investment will primarily focus on enhancing the production capacity of Wipro GE Healthcare’s positron emission tomography and computed tomography (PET CT) diagnostic scan devices for export to 15 countries, supporting the company’s expansion efforts. 

Additionally, the company intends to manufacture other high-end medical technology devices, such as CT scanners and MR breast coils, within India.

“As India envisions to be among the top five global manufacturing hubs for medical devices, we are committed to the national healthcare agenda,” Reuters noted, citing Chaitanya Sarawate, Managing Director of Wipro GE Healthcare. 

Established in 1990, Wipro GE Healthcare has been actively participating in the government’s initiatives to boost local manufacturing. 

The company inaugurated a greenfield manufacturing unit in Bengaluru in 2022 under the production-linked incentive scheme, emphasizing its strategic alignment with India’s industrial policies.

With four manufacturing plants in Bengaluru, Wipro GE Healthcare is poised to reinforce its position in both domestic and global markets. 

Price Action: GEHC shares are up 0.67% at $88.87 on the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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