Mumbai-based X-ray machines manufacturer Meditronics has been acquired by Philips Electronics India on November 21, 2008. Both the sides have not revealed anything about the transaction of the deal. According to the CEO of parent company Royal Philips Electronics, Gerard Kleisterlee, the recent decision is part of company's investment plan. He also informed that the company is planning to supply affordable healthcare solutions in emerging markets. The newly acquired firm, Meditronics will focus on the domestic healthcare market.

 

Philips Electronics India will however export some healthcare units to international markets. Talking about the domestic expansion plans of the company, an official informed that Philips will go for large investments to expand sales in the Indian market. Apart from it, the company will spend certain amount to increase research and development facility. The company claims to enjoy favourable position in India with high growth rate.

 

Kleisterlee said that Philips Electronics India is expected to continue its double-digit growth in India. It also informed of recruiting more people for its expansion plans. After acquiring Meditronics, Philips has raised its acquisition tally in India to two in the current fiscal. Earlier, it had acquired Alpha X-ray Technologies in September. By watching the types of companies acquired by Philips it can be estimated that the company is going to do serious business in healthcare solutions sector.