Philips To Merge Arms With Itself  ( September '8,2004, FE)

Philips India has decided to merge its three legal entities in the country — Philips India Ltd, Philips Medical Systems and Philips Software Centre Pvt Ltd. This will give birth to a single entity, Philips Electronics India Ltd. The boards of the three companies have approved of the merger and a change of name will take effect after consent and approval from the shareholders and the high courts concerned. This is expected to happen by March 2005 and will have an ‘Appointed Date’ of April 1, 2004. According to a company release, the merger scheme envisages a share swap ratio of one share of PSCL for every two shares of PIL and 78 shares of PMSI for every one share of PIL.

The proposed change of name to Philips Electronics India Ltd will enable the company to reflect its businesses more suitably and appropriately and present a unified face of the brand to all stakeholders, said the release.

Philips India Ltd, a subsidiary of the Netherlands-based Royal Philips Electronics, has been operating in India for over 70 years and employs over 3,100 employees at its seven factories and several sales offices around the country. Philips Software Centre Private Ltd, operating from Philips Innovation Campus (PIC), Bangalore, was established in August 1996 as a wholly-owned subsidiary of Royal Philips Electronics.

Philips Medical Systems’ productline includes technologies in X-ray, ultrasound, magnetic resonance, computed tomography, nuclear medicine, radiation oncology systems, as well as a range of other services.