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Philips May Use India as Sourcing Hub
Sep 4, 2003
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Royal Dutch Philips said it was exploring the possibility of using India as a sourcing base for exports and is considering investing about U.S. $150 million in the project.

Gerard Kleisterlee, Philips' global president and CEO, said, "The company had invested close to $150 million in India over the last 5 years, and we would like to see an investment of a similar magnitude in the coming years".

Mr. Kleisterlee is currently with Royal Philips' directors on a week-long visit to India to conduct a comprehensive review of operations and to firm up future growth strategy.

Stating that the company was eyeing a growth of 25 percent in current year from Asia, he said India would be positioned as the competence center for emerging markets.

"The market conditions are attractive. India is a fast emerging economy with low product penetration. The country is gaining recognition for its increasing pool of local knowledge and talent," he said.

The Dutch parent has already amalgamated businesses including Consumer Electronics, Lighting, Domestic Appliances, and Semiconductors under Philips India and increased its stake to more than 93 percent. (Asia Pulse, PTI)

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