Germany-based safety and sustainability solutions provider TUV SUD has invested 15 million euros (about Rs 134.8 crore) in its newly-built laboratory and testing facility in Bengaluru.

The investment plan in India is part of the company's push towards the government’s ‘Make-in-India’ initiative.

TUV SUD’s new facility spans over 3 acres and comprises 70,000 square feet in the first phase, which is expected to seat about 200 staff. “It is designed by and utilises the latest technology and building materials to be energy efficient, and sustainable and has incorporated workspace design to enhance employee collaboration and wellbeing,” the company said in a statement.

“India is one of the fastest-growing economies, a market with a large, empowered middle-class population driving domestic consumption and a preferred outsourcing destination. This state-of-the-art facility and our future investments will further strengthen our role as a key enabler to assist manufacturers to serve the world and the country with products embedded with quality, safety, security, and sustainability,” said Ishan Palit, chief operating officer and member of the board, TUV SUD.

“The new facility is designed for growth in electrical components and medical devices. We expect to grow between 14-15 per cent CAGR by the end of the calendar year 2024. I see tremendous potential in India for medical devices, which is going to have a big impact in terms of new investments as it is a high-end industry. I see us supporting this very strongly,”Palit added.