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Philips India set to complete merger
 
Philips India set to complete merger
The Rs 3,000-crore Philips India Ltd will complete the legal merger of all its business divisions in the country by the end of July and emerge with a new name - Philips Electronics India. The high courts in Kolkata, Mumbai and Karnataka have cleared the merger of Philips Software division, Bangalore and Philips Medical Systems, Mumbai with the parent company.

The 75-year-old company in the country, a part of the Netherlands- based global company, had earlier completed the legal merger of four other divisions in the country. Philips India is a debt-free, cash surplus company. It has put in seven to eight years in redesign and cleaning up operations, informed K Ramachandran, vice-chairman and managing director of Philips India. "Once the merger is complete, Philips India wants to move away from the consumer electronics- lighting image it has to being a healthcare, lifestyle and technology company," he added.

Philips India has major divisions in lighting, consumer electronics, healthcare, semi-conductor R&D and domestic appliances. It is investing up to $ 50 million in its new R&D facility in Bangalore, where it intends to move by the end of the year. The R&D centre will focus on electronics, medicine and new technology development, in addition to embedded software.
Posted On : 8/22/2005 5:34:39 PM

 
 
 
Philips India set to complete merger