New Delhi: Philips Electronics’ India unit sees product sales growth and local acquisitions doubling annual revenues to Rs50 billion ($1.24 billion) by 2011, a senior company official said on 18 September.
“In India, we recognise a window of opportunity to be a significant player in the range of $50 billion ... Three to four years is the kind of bandwidth we are looking at,” said Murali Sivaraman, chief executive designate of Philips Electronics India Ltd.
He said 60%-70% of the revenue expansion would come from sales and the remainder from acquisitions.
“Philips globally is actively encouraging emerging markets like China and India -- go for it,” he said while discussing the company’s acquisition plans.
Sivaraman did not give further details or a timeframe within which the firm may make a move for other companies but said there was a “sense of urgency” and that he was ready to borrow to fund acquisitions.
Globally, Philips expects to double its core profits by 2010.
With sales of Rs26.5 billion in 2006, its India unit contributed nearly 2% to global sales.
Philips sells lighting products, medical equipment, consumer electronics, domestic appliances and personal care products in India.