According to reports, Philips Lighting, a subsidiary of the Dutch consumer electronics giant Royal Philips is planning acquisitions in India in terms of innovation and technology partners to boost its business, BL states.
Lighting service provider, Philips is operating for more than 80 years in India and its products are available on more than one million retailing points here.
Philips has a 30% market share in India andwill continue to deliver locally relevant products, systems and services to Indian businesses and services. The company is investing further in local R&D capabilities to continue to develop innovative products that meet the specific needs of customers.
The company expanded its R&D capabilities in India by adding a new unit at its Noida-based Philips Lighting Innovation Centre, which would have expertise in the LED lighting segment.
Around 30 per cent of company’s global revenue comes from LED activities and it aims to raise it to 45% by 2015. Philips Lighting had a global sales turnover of R71066 Cr in 2012.
Recently, it was found that Philips was selling its site in Dijon to the Nordeon Group
Backed by strong activity on the policy reforms front, the R9,600 Cr lighting industry is expecting to clock a healthy growth in 2014.
The LED Industry is expected to reach around US $500 Mn by 2015 in India. Within the segment, LED street light and LED solar light’s demand to increase by leaps and bounds in coming years.
The industry body representing electric lamp and component manufacturers, the lighting industry in India is growing at nearly 17-18% per annum over the last two to three years.
The sector is projected to grow to R8000-12,000 Cr in the next 5 years. A McKinsey report has predicted that 70% of lighting will become LED based by 2020.
In this segment, Actis acquired the general lighting business portfolio of Halonix Limited for R160 Cr; GE capital was in talks to sell its 10% stake in electrical equipment maker C&S Electric.