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Philips to set up R&D facility

business Updated: Aug 31, 2010 22:51 IST
HT Correspondent

The Dutch electronics major Philips Electronics is setting up a new R&D and manufacturing facility at Pune to produce healthcare equipments such as cardiovascular and X-ray equipments. The new facility that is expected to be ready by mid-2012 will cater to domestic demand and export equipments to other emerging economies of the world.

"As the market for healthcare equipments is growing at a fast pace, we need to ramp up the manufacturing capabilities for healthcare equipments," said Gerard Kleisterlee, president and CEO of Royal Philips Electronics.

Kleisterlee saidthat equipments produced at the Pune facility would also be exported to other emerging regions such as Gulf nations, Africa and some Asian countries.

The company is betting big on the healthcare medical equipment market and is eyeing a larger pie in the healthcare medical equipment market of India. The company's health care division contributes a little over 15 per cent revenues for Philips India whereas the lighting and consumer lifestyle contribute close to 50 per cent and 35 per cent revenues for the company.

The total size of healthcare medical equipment market in India is estimated to be around R2,300 crore.