September 6, 2005 – Philips Electronics has said it aims to increase its overall Indian operations to over Rs 5500 crore (1 billion euro, US$1.2 billion) in the next few years, from Rs 2500 crore. The company’s consumer electronics business in the country accounts for 40-45% of the entire operations, while lighting comprises 35%. Domestic appliances, software, and semiconductors make up the rest.
“In revenues and sales term, we want to turn India into a 1 billion euro business in the next few years,” said Rudy Provoost, CEO Philips Consumer Electronics, and senior VP of Royal Philips Electronics to reporters at the IFA 2005 conference in Berlin on Friday.
In the last few years, Philips had focused on turning around its operations in North America and making it profitable, even as it maintained its stronghold in the European market, said Provoost. “India and China are priority countries in Asia. We have a lot of catching up to do as we have missed opportunities in the past. We are passionate about these two markets,” he said.