Having initiated comprehensive restructuring of Indian operations as well as the process to convert Philips India into a wholly owned subsidiary, Royal Dutch Philips now plans to make fresh investments in the country.
Acknowledging the fact that the Asia-Pacific market in general and the Indian market in particular were emerging as important growth markets for Philips, chief executive officer Gerard Kleisterlee told PTI: "We have to be more daring in terms of investment in India now that the restructuring is over."
In fact, four of the five directors on the board of the Dutch major will be in India from Monday to conduct a comprehensive review of operations, senior company officials said in Amsterdam.
President and CEO Gerard Kleisterlee, consumer electronics CEO Gottfried Dutine, chief financial officer Jan Hoffman and chief technology officer Ad Huijser will be accompanied by Asia Pacific CEO Jan Oosterveld on the visit to India.
Dutine also echoed Kleisterlee's sentiments, saying, "We have made use of local resources but not captured a number of market opportunities. We need to understand opportunities in India better."
The Dutch parent has already amalgamated businesses including consumer electronics, lighting, domestic appliances and semi-conductors under Philips India and increased its stake to over 93 per cent.
