Financial Daily from THE HINDU group of publications
Tuesday, Nov 12, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 12, 2002 |
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Mergers & Acquisitions Corporate - Mergers & Acquisitions MICO to buy Philips units Our Bureau
BANGALORE, Nov. 11 MOTOR Industries Co Ltd (MICO) today announced that it has decided to purchase the business communication products and closed circuit television (CCTV) products from Philips India Ltd, a subsidiary of Koninklijke Philips Electronics N.V., Netherlands, for a consideration of Rs 4 crore. The acquisition is an outcome of MICO's parent, Security Technology Division of Robert Bosch GmbH, recently purchasing the business division, Security and Imaging (CSI) of Koninklijke Philips. The CSI business formed part of the earlier business electronics division of Philips India Ltd. It had a turnover of Rs 15 crore and it currently employed 13 people, a MICO release said.
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