The merger and change of name takes effect post consents and approvals from the shareholders and the High Courts at Kolkata, Mumbai and Bangalore.
The change of name to Philips Electronics India Limited enables the Company to present a unified face of the brand to all stakeholders. Business operations will not change as a consequence of the merger and name change; the aim is to simplify and rationalize Philips' operations in India - through a single legal entity.
The merger reaffirms the growing importance Royal Philips Electronics, the parent company, attaches to India and its commitment to making things easier and simpler for all stakeholders.
For further information:
Philips India Limited
Corporate Communications
Anil A. Nayak
Ph: +91 22 66912122, Fax: +91 22 6691 2499
e-mail:anil.nayak@philips.com
Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world's biggest electronics companies and Europe's largest, with sales of EUR 30.3 billion in 2004. With activities in the three interlocking domains of healthcare, lifestyle and technology and 159,700 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter
Philips Electronics India Limited, a subsidiary of the Netherlands based Royal Philips Electronics is a leader in Lighting, Consumer Electronics, Medical Systems, Domestic Appliances & Personal Care, Semiconductors and Research. Philips has an unmatched range of internationally current products backed by superior design and technology and an excellent distribution and after-sales service network. Philips has been operating in India for 75 years and employs over 5,000 employees around the country.
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