Philips India to start merger

Kolkata, Apr 19 (UNI) In a bid to strengthen its position as a healthcare and lifestyle company, Philips (India) will start Merger and Acquisition (M&A) and carve a niche market for each hitech electronic product.

Speaking on the sidelines of the 76th Annual General Meeting of the company, Managing Director K Ramachandran here today said the reserve of Rs 697 crore, in addition to the borrowing, would be utilised to take forward the plan of M&A.

However, he refused to divulge any details of the company with which Philips is negotiating. He also refused to name the merchant banker, who will support the M&A process and, the deadline when the acquisition process would begin.

'' We basically operate in lifestyle arena as we believe that DVDs, Hometheatres, MP3s, or even irons and tubelights are all part of our lives,'' Mr Ramachandran said.

The company also plans to introduce certain hitech products like LCD photoframes, colour changing lights in the near future.

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