Cable TV

Essel Propack enters medical devices; acquires Tacpro Inc and Avalon Medical Services

MUMBAI: The Subash Chandra promoted -- Essel Propack, the largest manufacturer of laminated tubes has acquired 85 per cent stake in Tacpro Inc., USA, and Avalon Medical Services Pte Ltd, Singapore.

The companies are players in the field of advanced medical device design and development and offer over 100+ years of collective experience in the medical device industry, informs an official release.

Essel Group chairman Subhash Chandra, while declaring the strategic intent, stated, "I have always held a firm belief close to my heart. Faith in innovation and organized growth. It is by walking this path that Essel Group has reached the position it holds today. Giving birth and nurturing Industries which no one thought would exist.

"And today, once again Essel has proved that its Faith is as strong as ever before. This is just a humble step towards a brighter morrow. A morrow with endless opportunities, promising future and unlimited growth."

While announcing the acquisition in Mumbai, Essel Propack vice-chairman and MD Ashok Goel said, "Medical devices arena is our new and third horizon, after laminated tubes and plastic tubes. Our objective is to leverage our knowledge of polymers and polymer processing so as to add a new dimension to our business. While it offers endless opportunities and potential for growth, it is in sync with our knowledge & capabilities, strengths and core competence of both Essel Propack and Tacpro."

Tacpro CEO Nitin Matani said, "This is the coming together of two pioneering entities, with a common objective to leverage the collective strengths for global excellence. This is the first step towards realizing my vision of bringing India to the forefront of the medical device industry. By combining Essel Propack's resources and expertise in high volume manufacturing, this partnership will also allow us to fulfill that vision by providing expanded services to our global customers."

Since its inception, Tacpro is a provider of innovative medical device designs, converting ideas into medical device solutions. The company pioneered as the first full-service provider of high quality medical devices specializing in catheters and delivery systems on the West Coast of USA.

Essel Propack, Tacpro and Avalon have huge synergies notably the knowledge of polymers & polymer processing and global benchmark technology. On this significant development, Doug Wilkins, Vice President - Operations at Tacpro spoke, "This partnership will enable Tacpro to meet the high quality expectations of the medical device market while continuing on its path to be a worldwide leader in Medical Devices."

According to the official release, medical devices is not developed in Asia, which is a thickly populated market and a virtual Greenfield. Figuratively, the global medical devices market size is $ 172.6 billion. Of this, the contract manufacturing comprise $ 16.7 billion. The catheter market alone is about $ 5.7 billion of which the USA has $ 2.3 billion share. The industry growth is estimated at 7 per cent -10 per cent. Tacpro Jeff Kraus said," This is an awesome opportunity to be able to provide our services to a larger and wider market."

The present team at the company, headed by Nitin Matani, the chief executive officer, will continue to manage the operations of the Company, under the guidance of Essel Propack.

Latest Reads
GTPL Hathway revenue up for Q1

Indian multi-system operator and internet service provider GTPL Hathway Limited (GTPL) reported 15.7 per cent increase in total income for the quarter ended 30 June 2018 (Q1 2019, quarter or period under review) as compared to the corresponding year-ago quarter  (y-o-y) Q1 2018.

Cable TV Local Cable Operators
Jio & Hathway continue to lead wireless and wired Internet subs growth in 2018

India witnessed 1.74 percent growth in broadband internet customers in the month of April 2018 (Apr-18, month under review) according Telecom Regulatory Authority of India (TRAI) data for the month ended 30 April 2018. Hence, 71.90 lakh (7.19 million, 0.719 crore) broadband subscribers were added...

Cable TV Local Cable Operators
Hathway ropes in Sitendu Nagchaudhuri as new CFO

Leading cable operator Hathway Cable and Datacom Ltd has appointed Sitendu Nagchaudhuri as the new chief financial officer (CFO). The fellow chartered accountant?s experience in the field of corporate finance, commercial and strategy leadership spans over 27 years.

Cable TV Multi System Operators
Sony to bring Pictures, TV division under one roof

Sony Pictures TV is set to merge international TV operations to bring its television networks, home entertainment and distribution businesses together. This shuffle may lead to some job cuts, with many senior executives from Sony having already departed.

Cable TV Multi System Operators
DEN Network fixed-line b?band biz plan hinges on partnerships & leveraging present infra

MUMBAI: With telcos handing out data at cheap rates in various package sizes under innovative schemes, mobile data consumption has increased rapidly in India in the last few years, while the growth of fixed-line broadband (FLBB) users has been tepid, if not completely static. MSO DEN Networks now...

Cable TV Multi System Operators
DEN aims to convert 10% of SD subscribers to HD in a year

DEN Networks CEO SN Sharma has set a target of converting 10 per cent of its standard definition (SD) subscribers to high definition (HD) within a year.

Cable TV Multi System Operators
GTPL Hathway appoints Viren Thakkar as new chief financial officer

GTPL Hathway , one of the major players in the Indian cable TV and broadband industry, has appointed Viren Thakkar as chief financial officer of the company. The appointment ,which will come into effect from 2nd July, was posted on the Bombay Stock Exchange (BSE) website.

Cable TV People
Hathway plans to seed 2.5 lakh high definition set top boxes in FY19

Going along the lines of FY18, broadband and cable TV service provider Hathway Cable and Datacom is planning a Capex of Rs 310 crore in FY19. In addition to that, it plans to seed 2.5 lakh high definition (HD) set top boxes (STB) in FY19. The company had 2.16 lakh HD subscribers at the end of March...

Cable TV Multi System Operators
Jayanta Pani Resigns as CFO of GTPL Hathway

Jayanta Pani chief financial officer (CFO) of GTPL Hathway has decided to part ways with the company. Pani's last working day at GTPL, where he joined in November 2008, will be 30th June.

Cable TV People

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories