New Delhi: Global consumer durables major Philips is exploring possibilities, including acquisitions, to start producing automotive lighting solutions in India as it aims to double revenue to over Rs 300 crore from the country by 2015.
“We are currently producing general lighting solutions from two facilities at Mohali and Vadodara. Now we are looking at options to have a facility to manufacture automotive lights in India,” Philips Electronics India director (automotive lighting) Sameer Sodhi told PTI.
The company is at present evaluating various options such as setting up a greenfield unit, rolling out products from the existing lights making factories or acquiring a potential manufacturer of automotive lights producer, he added.
He, however, declined to share details saying nothing has been finalised yet.
Currently, the company sells its automotive lights by importing from China, France, Germany and Poland.
When asked about the sales of the automotive lights, Sodhi said the lighting division of Philips had a turnover of about Rs 2,000 crore in India last year and the automotive lights contributed around 8 per cent, which is Rs 160 crore.
“We are looking to double this (sales of the automotive lights) by 2015,” he said.
China is the biggest market for auto lights arm of the company in Asia, followed by Japan, Korea and India, he said.
“India is already doing very close to Korea. Within next 2-3 years, we will be the third largest market in the Asian division,” Sodhi said.
The company sells its products to both vehicle makers as well as after-market. While the firm enjoys about 35% share in the Rs 350 crore OEM market, it has a market share of 40 per cent in the Rs 150 crore Indian lighting after-market.
Sodhi said the lighting division of Philips has introduced car interior air cleaning system and day-time lights in India.