With Rs 800 crore earmarked for a new manufacturing facility in Mohali (Punjab), medical devices maker Tynor Orthotics is scouting for a strategic partner to expand its international footprint.
The company has three plants in Mohali, and has already invested about Rs 400 crore, Abhaynoor Singh, Director, Tynor Orthotics said. The proposed additional Rs 800 crore investment in the new plant is to bring in technology advancements and newer product lines, said Singh, a second-generation member of the promoter family. The 30-year-old company was founded by his father Dr PJ Singh, and it exports to about 60 countries, he said.
The company will fund the additional investment through a mix of debt and equity, and looks for a strategic partner to expand its presence internationally, Singh told businessline, adding that the decision was likely to be taken by March 2024. The Mohali-based company expects to close this financial year with revenues of Rs 500 crore, he said.
The new facility marks an expansion of its mobility aids portfolio, including wheelchairs, and diversification, he said. Other products include traction kits, advanced knee braces, finger splints, silicone and foot care, and cervical aids, among others. The company said it expects to generate 3,000 job.
Targeting a bigger presence in regulated markets, including the US , the company hopes to outclass China’s products in terms of quality, efficiency and pricing, Singh said.