Philips eyes India buys for expansion | business | Hindustan Times
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Philips eyes India buys for expansion

business Updated: Sep 19, 2007 15:18 IST
Samiran Saha

Philips Electronics India is looking at mergers, acquisitions in India and abroad and also plans to register an overall growth of 17 to 18 per cent by 2010, company's executive director designate and chief executive officer, Murali Sivaraman said at the sidelines of press conference on Tuesday.

"We are open to any model. We are looking at domestic as well as foreign markets for suitable mergers and acquisitions," Sivaraman said while launching a host of consumer electronic goods on Tuesday.

"We expect a 30-40 per cent growth from the proposed acquisitions," Sivaraman added.

Sivaraman said India, Latin America and China are emerging markets and the company plans to concentrate on these markets with it consumer electronics, medical equipment and the lighting products where it claims to be the market leader.

Philips India's, Sivaraman leadership is not under any threat and it would maintain so through technology.

"Technology enhances profitability," Sivaraman added.

Sivaraman said its consumer electronics and lighting division would be growth drivers for the company.

According to Sivaraman, the company's medical equipment division is likely to register a growth of 15 to 20 per cent growth and will double in the next two years.

He said the company will double its revenue to Rs 5,000 crores by 2010 and plans to fund its growth though internal accruals.

Philips Electronics India is a subsidiary of the Netherlands-based Royal Philips Electronics.