Paris/New Delhi: Royal Philips Electronics NV, the world’s largest maker of patient-monitoring systems, agreed to buy Meditronics, an Indian maker of x-ray systems, to expand its medical-technology business in emerging markets.
After closing the deal in the fourth quarter, Meditronics will become part of the health-care division’s Imaging Systems unit. The company didn’t disclose financial details. However, according to Meditronics marketing person, the company’s turnover in 2007 was Rs50 crore.
Philips also plans to “right size the organization” in some developed countries in the area of manpower, the firm’s chief executive officer Gerard Kleisterlee said.
In India, the company’s business is growing at high double-digits and as it continues to grow at this rate, it will hire more people here, he added.
— Vijaya Rathore, Bloomberg and Reuters
Bial chief executive officer resigns
New Delhi: Chief Executive Officer of Bangalore International Airport Ltd (Bial), Albert Brunner, has quit the firm few months after the new airport became operational and nearly seven years after executing the project worth at least Rs2,000 crore. “I have greatly appreciated the various excellent interactions with business leaders, politicians, officials, the highly competent and motivated staff of Bial and personal friends over all these years and my decision to leave Bial is purely personally motivated. After seven years in this position, the time for a change has come. I initially came here on a three year contract but ended up making Bangalore my home for seven years.” said Brunner in a statement. Marcel Hungerbühler, chief operations officer of Bial, will take over as the new CEO from 1 February.
— Staff Writer
Farmers plant winter crops in bigger area
New Delhi: Indian farmers have planted mustard, groundnut and other winter oilseed crops over a larger area than last year, the government said in a statement on Friday.
The area under oilseeds climbed to 7.3 million ha as of Thursday, up from 5.9 million ha a year ago. The winter crop accounts for 40% of total oilseed production.
Independent agency to manage debt mooted
New Delhi: An internal working group of the finance ministry has recommended setting up an independent debt management office to manage government’s debt in place of current arrangement where the Reserve Bank of India (RBI) manages it. The report of the group has been uploaded on to the finance ministry’s website to invite comments, the ministry’s media release on Friday said.
The report has suggested a National Treasury Management Agency be set up through legislation to manage the government’s debt and cash management. Setting up an independent agency would eliminate the conflict of interest RBI faces when it is required to help the government raise money at the lowest possible cost and simultaneously calibrate monetary policy to keep inflation under check, the report stated.
— Staff Writer
Dabur buys 72.15% in Fem Care Pharma
New Delhi: Consumer products company, Dabur India Ltd has acquired 72.15% stake in Fem Care Pharma Ltd (FCPL) maker of women’s skin care products for Rs203.7 crore in an all-cash deal. Dabur will make an open offer for an additional 20% shares in FCPL as required under the takeover regulations, it said in a statement.
“Acquisition of Fem Care Pharma is in line with our strategy to aggressively expand Dabur’s scale of operations and strengthen its presence in the fast moving consumer goods (FMCG) space,” Dabur India chairman Anand Burman said in the statement.
“This transaction would give Dabur an entry into the high-growth skin care market with an established brand name ‘FEM’. Further, Dabur also has the potential to extend the brand into newer and related skin care categories.” ‘The Economic Times’ had reported on 11 November that Dabur was close to acquiring FCPL for nearly Rs300 crore.
— Staff Writer