Prime Minister Narendra Modi virtually inaugurated a new manufacturing facility for Meril, a prominent producer and exporter of medical devices, on Tuesday. Located in Vapi, Gujarat’s Valsad district, the facility has been established under the Production Linked Incentive (PLI) scheme. Gujarat Chief Minister Bhupendra Patel was present at Meril’s headquarters in Vapi during the inauguration.
According to the release, Meril is enhancing India’s global presence while simultaneously reducing the nation’s reliance on foreign imports, aligning with the Atmanirbhar Bharat initiative
“We are honored to be recognized under the PLI scheme, which aligns with India’s vision of self-reliance in healthcare. This new facility reflects Meril’s dedication to innovation and quality, allowing us to provide advanced healthcare solutions to over 150 countries,” stated Meril CEO Vivek Shah.
At the upcoming 2024 Vibrant Gujarat Global Summit, Meril signed a Memorandum of Understanding (MoU) with the Gujarat government, committing Rs 910 crore to new investments in the medical devices sector.
So far, Meril has invested over Rs 1,400 crore in the Indian medtech ecosystem, with this latest investment expected to create 5,000 jobs and significantly decrease the importation of essential medical devices.
As reported by economictimes, the PLI scheme includes four of Meril’s group companies that focus on Structural Heart, Vascular Interventions, Orthopaedics, and Endo-Surgery, all contributing to the domestic production of critical devices, the release added.