Monday, December 12 2005 18:22 Hrs (IST) - World Time -

Bangalore: Bangalore-based manufacturer of non-invasive healthcare equipment, Opto Circuits (India) Ltd, has acquired German firm EuroCOR GmbH in a Rs 59.91 crore deal, giving the Indian company access to the growing global stents market.

EuroCOR manufactures cardiac and peripheral stents of various types, including drug eluting coronary stents used in critical cardiac care, OCIL said in a statement today (Dec 12, 2005).

The deal was signed in Bonn by OCIL Chairman and Managing Director Vinod Ramnani and Director and CEO of EuroCOR, Michael Orlowski. EuroCOR currently sells its products in 26 countries.

Ramnani said the acquisition gives his company a strong foothold in the global arena for stents. The total global market for stents was valued at USD six billion in 2004 and is expected to rise to USD ten billion by 2008.

"Whilst we are barely scratching the surface now, we expect that the strong R & D base of EuroCOR will lead us in the direction of greater market share and also better margin business", Ramnani said in the statement.

EuroCOR's current order book is to the tune of Rs 9.26 crore, and it is expected to report a topline of approximately Rs 21.78 crore in the current fiscal year. EuroCOR has projected a topline of Rs 54.46 crore for next year, the statement said.