Videocon eyes Philips' consumer products biz in India
Monday, 12 April 2010, 15:41 IST   |    3 Comments
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Mumbai: Diversified conglomerate Videocon Industries is understood to be making moves to acquire consumer electronics business of Philips India. "The company is looking at acquiring consumer products vertical of Philips India. The due diligence has just started," a source in the knowledge of the development said. This, however, does not include the lighting and healthcare products businesses of the Philips India, the source said to PTI. Sources, however, said if the acquisition takes place, it will help Videocon expand in home appliances, as Philips is a popular brand in the segment. Other products include LCD TV, DVD, home theatre system and audio system. Philips, the Netherlands-based consumer durable major, which is operating in India for more than 80 years, has earlier said that it is strategically shifting its focus on healthcare and life-style segment to promote its products in the country. "Voluntarily, we have taken a position that Philips as company would be working towards projecting itself as a health and wellness company," Philips Electronics India Managing Director and CEO Murali Sivaraman had said last year.

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