Philips bets on emerging markets

LEVERAGING OPPORTUNITIES: Royal Phillips Electronics President and Chief Electronics Officer Gerard Kleisterlee addressing a press conference in New Delhi on Tuesday. Photo: S. Subramanium  

Consumer durable major Philips on Tuesday said emerging economies like India would play a crucial role in the company's global expansion plans.

Royal Philips Electronics President and CEO Gerard Kleisterlee said India was a key emerging market and was slated to play a pivotal role in the company's global expansion.

“Philip's 80 years of presence in India gives it a deep insight of the India market and make it uniquely positioned to leverage existing opportunities and partner the country in its growth,” Mr. Kleisterlee told reporters here.

The company, which caters to three segments in the country, including lighting, healthcare and lifestyle, is looking to strengthen its base through organic and inorganic routes. “At any given time, we are continuously looking for opportunities for growth,” Mr. Kleisterlee said.

The company acquired two Indian healthcare companies, Alpha and Meditronics, in 2009 and is now looking at exporting products from its enhanced portfolio to various emerging markets. “As we speak here, we have started exporting X-ray systems to various emerging markets, including the Middle East and Africa,” Mr. Kleisterlee said.

Following up the acquisition of two firms, the company is building a healthcare manufacturing-cum-research and development facility in Pune in Maharashtra.

“The unit, which will make cardiovascular and X-ray equipment will be based in Pune and will be operational by mid-2012,” he added.

Besides, the company said, it was looking to enter the childcare segment.

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Printable version | Feb 26, 2021 1:00:57 AM |

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