Opto Circuits (India) Ltd. (OCI), a leading medical equipment company, manufacturing medical diagnostics and cardiac products, has signed share purchase agreements to acquire two Indian medical equipment manufacturing companies, Devon Innovations Pvt Ltd (Bangalore) and Ormed Medical Technology Ltd (Chennai).
The companies manufacture products like Catheters, Stone graspers, Stone Baskets and Dilator Sets for different specialized applications, mainly in the areas of Urology, Gastroenterology and Gynaecology. Devon Innovations manufactures Catheters and allied products for various medical segments and Ormed deals in orthopaedic prosthesis and surgical Disposables.
The acquisition of these companies will help OCI to extend their penetration in India, as also in the international healthcare market. This acquisition will give a good synergy to the manufacturing and marketing of OCI's Cardiac Stents business. OCI will also enter new market segments like Urology, Gastroenterology, Gynaecology and Orthopaedics in the domestic and International market.
Both companies are ISO 9001certified manufacturing companies. Devon Products has acquired a CE Mark for its products.
OCIL is a leading manufacturer of healthcare equipments in India. The product profile includes digital thermometers, sensors, probes, pulse oximeters, patient monitoring systems, Stents and innovative products in the pipeline. In 2001, OCIL acquired 60per cent stake in Advanced Micronic Devices to market its equipments in India. OEMs contribute 80 per cent of sales while its US based subsidiary MediAid contributes 100 per cent.