OSEL Devices Limited (NSE Emerge: OSELDEVICE) has secured in-principle approval from the Department of Pharmaceuticals, Government of India, to set up a cutting-edge hearing aid testing facility in Uttar Pradesh. This initiative is part of the “Medical Device Clusters” component under the Strengthening of Medical Device Industry scheme.
The proposed facility, with a total project cost of ₹287.85 lakhs, will receive grant-in-aid funding of up to 50% of the actual expenditure, capped at ₹143.93 lakhs, in accordance with the scheme’s guidelines.
This development marks a significant step for OSEL Devices, as it aims to bolster its infrastructure by establishing state-of-the-art R&D laboratories, design units, and testing centers. The facility is expected to play a crucial role in advancing the company’s capabilities in the medical device sector, particularly in the development and quality assurance of hearing aids.
The company’s strategic move aligns with the government’s vision of enhancing India’s medical device ecosystem, fostering innovation, and driving self-reliance in the healthcare industry.
OSEL Devices, a listed entity on NSE Emerge, is known for its focus on medical device manufacturing and innovation, and this initiative is expected to further strengthen its position in the market.