Opto Circuits to acquire two firms

Opto Circuits India Ltd has signed purchase agreements to acquire two medical equipment manufacturers in India.

The company is acquiring Bangalore-based Devon Innovations Pvt Ltd and Chennai-based Ormed Medical Technology Ltd.

They manufacture products like catheters, stone graspers, stone baskets, dilator sets among others, for different specialised applications mainly in the areas of urology, gastroenterology and Gynaecology.

Vinod Ramnani, managing director, Opto Circuits, said, "Both the companies have a reasonably good market in their product segments and will add value to our business. We will take their products to Europe, Southeast Asia and West Asian markets as both of them have a good brand name in the domestic market."

The cost of acquisition is yet to be worked out, he said.

Devon Innovations manufactures catheters and allied products for various medical segments and Ormed deals in orthopaedic prosthesis and surgical disposables. Both companies are ISO 9001-certified manufacturing companies. Devon products have the CE Mark also.

Ramnani said the acquisition would help Opto Circuits deepen their penetration in India and the international health care products market. The company has already entered the cardiology speciality products market.

This acquisition will not only give a synergy in manufacture and marketing its cardiac stents but also give the company presence with products in the specialities of urology, gastroenterology and orthopaedics in the domestic and international market, he added.