New Delhi: Optical storage media maker Moser Baer India on Wednesday said it has settled a patent and licence dispute with the global electronics giant Philips, fuelling its shares to surge by 5.68% on the Bombay Stock Exchange (BSE).
“Philips and Moser Baer have entered into a confidential settlement agreement ending a series of disputes in multiple jurisdictions pertaining to recordable compact discs (CDs) and DVDs,” Moser Baer said in a statement to the BSE.
The settlement provides resolution of all claims and counterclaims without any admission of liability of wrongdoing by either party, it further said.
“This is a strong and healthy development for the optical media industry and will help us at Moser Baer reduce our business risk and consolidate market position,” Moser Baer executive director Ratul Puri said.
he amicable settlement paves the way for Moser Baer to maintain and strengthen its market leadership as a leading maker of optical media storage products, the company said.
“We attach great importance to IPR-related issues, which are critical for the growth of the optical media industry,” Puri added.