Philips plans acquisition for healthcare products

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Chennai, Aug 14: Healthcare, lifestyle, and consumer lifestyle major Philips Electronics India Ltd is planning to acquire a healthcare products company in India to manufacture value-range products such as cathlabs, Xrays, CT scanners, patients monitoring devices, etc. Philips may pursue such options in other areas, said Murali Sivaraman, managing director and CEO, Philips Electronics India.

In a session with the press in Chennai on Thursday, he said, "As part of the ‘India empowerment' slogan, the company is looking at more value-range products in the healthcare segment. The company may acquire a healthcare product company in India and will start producing such products within the next 12 months." The healthcare business contributes 15% to the company's overall turnover in India.

Philips India is also setting up a development centre adjacent to its tech centre at Noida. This is the third centre for Philips in the world, after the Netherlands and Shanghai, he said. "We are looking for engineers and we hope to commence the lighting electronics centre by the end of this year," he said. Lighting electronics are currently used by the professional sector in India. Lighting electronics contributes to 20% of the overall lighting business of the company in India.

According to him, the company is planning to introduce a range of products in the consumer lifestyle area, including in TV, audio, DVD, MP3, car stereo, peripherals, iron, shaving and beauty and healthcare products. "We are also entering into the mother and child segment in the next six months. The company will launch products such as feeding bottles and nipples," he said. The parent company had acquired the UK-based Avent, which manufacturers mother and child products.

While the lighting industry in India is growing at 8% to 10%, Philips, being the leader, with a market share of 30%, is growing at 15% annually. "We have embarked upon expanding our CFL and other lighting capacities and would continue to introduce new products and maintain our market share," he said, adding that the parent company is looking at setting up manufacturing facilities in India.