Opto Circuits acquires Kokata-based N S Remedies

Healthcare equipment maker Opto Circuits (India) Ltd, today announced its acquisition of Kolkata-based heart stent maker N S Remedies Ltd for $1.50 million in an all-cash deal.

The Bangalore-based company said the deal was funded through internal accruals.

According to Opto Circuits, with the deal, the company would be able to cuts 23-25 per cent costs which it incurs on outsourced manufacturing.

Chief financial officer B Bhaskar told Reuters over phone that the company has always wanted to have its own manufacturing base. He added that earlier the company used to outsource manufacturing to Germany.

NS Remedies owns an advanced facility for stent manufacture and research and development and has capabilities to produce stainless steel and cobalt chromium stents, according to an Opto Circuits statement.

"The acquisition, besides enhancing our manufacturing capacity, will significantly reduce the cost of manufacturing bare metal stents and also reduce dependency on external agencies," chairman and managing director Vinod Ramnani said in the statement.