Mico to purchase Philips units
Tuesday, 12 November 2002, 20:30 IST
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MUMBAI: Motor Industries Co Ltd (MICO) on Tuesday made its plan clear that it would purchase the business communication products and closed circuit television (CCTV) products from Philips India Ltd, a subsidiary of Koninklijke Philips Electronics N.V., Netherlands, for Rs 4 crore. The buyout is an outcome of MICO's parent, Security Technology Division of Robert Bosch GmbH, recently purchasing the business division, Security and Imaging (CSI) of Koninklijke Philips, according to a business daily. The CSI business formed part of the earlier business electronics division of Philips India Ltd. It had a turnover of Rs 15 crore and it currently employed 13 people, a MICO release said.
Source: IANS
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