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Philips to pump surplus cash into acquisitions
By siliconindia
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Tuesday, 17 June 2008, 01:54 IST
Kolkata: Consumer electronics and healthcare equipment firm Philips Electronics India is looking for acquisitions in the lighting, lifestyle and healthcare segments. "We are working on around three proposals currently for possible acquisitions as we are sitting on a cash surplus of Rs 600 crore," said S M Datta, chairman of the company.
The company is also scouting for local partners to launch economical range of products across its lighting, lifestyle and healthcare segments.
The aim is to make tailor products according to the requirements of various emerging markets. There is a need for a centre of excellence within each country, which will connect the brand proposition to end consumers, pointed out Dutta.
Murali Sivaraman, vice-chairman and managing director, Philips India, said, �We want to enter the affordable category. We are already present in the premium category for healthcare and lighting products. But we want to bring down the costs of X-rays, CT scanning and patient monitoring systems. We will, therefore, look at partnering with a few local companies to make more economical equipment that would cost less than what it is right now." The company will also put thrust on its LED range of lamps. LEDs have longer life and are more energy efficient than CFL lamps.
"But the only reason why the market for LEDs in India is small is because of its higher prices. So we are working on a technology to bring the costs of LEDs down," Sivaraman said.
Philips is also looking at new product areas, where it will create customized products and introduce global product lines into the country, Sivaraman said, without divulging details.