Philips, which has recently made a few acquisitions and mergers in the healthcare segment, is open to further acquisitions in the segment. It is also bullish about its growth in the lighting segment. We may go for further acquisitions in these two verticals apart from consumer lifestyle segment. We are seeking shareholders approval for that, said Murali Sivaraman, CEO & MD.
We are exploring the possibilities of higher inorganic growth by way of acquisitions and strategic alliances across all sectors, he added.
Sources close to the development said the company is making its war chest ready for any possible expansion plan in near future. Such a war chest will also be useful in meeting any future working capital requirement.
The company acquired Mumbai-based Alpha X-Ray Technologies and X Ray equipment maker Meditronics Healthcare last year for an undisclosed sum. The acquisitions have started yielding results. They have not only enabled us with a strong go-to-market channel but have added to our product portfolio in the cardiovascular and X-ray value space, he added.
According to Sivaraman, the company would not go for any share buyback from minority shareholders this year. We bought back shares two years in a row (2008 and 2009) as we had cash in hand but we wont do it this year. We have cash in hand but we think it is time for investments.