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Philips forays into healthcare
(The Economic Times (India) Via Thomson Dialog NewsEdge) : Consumer electronics major Philips Electronics India is about to take big strides in the healthcare and wellness business. For starters, the company proposes to launch water purifiers in the domestic market within a year.
Though healthcare and wellness is a new business avenue, Philips plans to test the waters by identifying housewives as its target audience. It also plans to roll out a slew of energy-efficient health monitoring devices, including personal care and oral healthcare products. Incidentally, South Korean consumer electronics giant LG has already launched healthcare products in India.
Talking to reporters on Thursday on sidelines of the company's extra-ordinary general meeting, Mr K Ramachandran, vice-chairman and managing director of Philips Electronics India Ltd (erstwhile Philips India Ltd) said: The healthcare and wellness products business is high on the company's priority list and is aligned with the Dutch parent's global strategy to broaden the scope of this business.
For international markets, parent company Philips Koninklijke Electronics NV, has developed a kitchen water treatment apparatus, christened 'qua Duo' based on the principle of water filtration. But the company is undecided whether the same apparatus may be introduced here or whether it will need to be customised to suit Indian conditions. According to a company official, Philips will finalise its product strategy within next three months. It will also take a call on whether it will be imported or manufactured indigenously.
Incidentally, Philips passed a resolution to this effect from shareholders at its EGM on Thursday and an entry into the segment is expected within a year. According to Mr Ramachandran, once the company finalises the nitty-gritty of entering Indian households with purified water, it will go rural with the project, which will also have mass application.
Significantly, Philips also passed a resolution to exit the semiconductor business as part of its global strategy. The Dutch parent has sold 80.1% stake in its semi-conductor business to a private equity consortium consisting of Kohlberg, Kravis Roberts & Co, Silver Lake Partners and AlpInvest Partners NV.
Copyright 2006 The Economic Times of India, Coleman & Co Ltd. Source : Financial Times Information Limited
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