The Hindu Business Line : Philips to set up healthcare equipment plant in India

NEW DELHI: Increasing its focus on India as a strong growth market, Philips on Sunday said it is setting up a healthcare equipment manufacturing plant in the country for domestic and overseas markets.

Philips said the proposed unit will integrate two Indian firms acquired by it last year and besides expanding the company’s local operations, the plant will make India a major supplier for global markets.

“For the first time, Philips is setting up a greenfield site for the healthcare segment in India,” Philips Electronics India managing director and CEO Mr Murali Sivaraman said. The plant is expected to be ready in 18 months.

Mr Sivaraman said Philips will develop the proposed unit as a centre of excellence and use it as base for exporting healthcare products.

He declined to share the investment details but said, “We will be investing big money in ramping up our production capacity and leverage on the two companies which we have acquired... For me it is a strategic move with a 15—20 year vision.”

The unit, which will make cardiovascular and X—ray equipment, is likely to come up in Southern or Western India.

“We are still studying whether it should be in southern India or western India. What is important for us is to leverage the eco—system that we acquired,”Mr Sivaraman said. - PTI

Prev: Rupee ends lower
Next: Usha Breco Realty to enter affordable housing with 4 projects

Business Line | NUS Index |

Copyright copy; 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line