The Hindu Business Line : 3 Philips group cos to merge

PHILIPS announced on Tuesday that it was consolidating its operations in India by merging three group companies operating in the country. Philips India Ltd (PIL), Philips Medical Systems India Pvt Ltd (PMSI) and Philips Software Centre Pvt Ltd (PSCL) are being merged into a single entity to be known as Philips Electronics India Ltd, said a PIL press release.

The boards of PIL, PMSI and PSCL have approved the merger of the three Philips entities into a single legal entity, the release said. The share-swap ratio has been fixed at one share of PSCL for every two shares of PIL and 78 shares of PMSI for one share of PIL.

The merger and change of name will take effect after approvals from shareholders and the High Courts concerned. The merger is expected to be concluded in March 2005 and will have an `Appointed Date' of 1st April 2004.

"The merger reaffirms the growing importance Royal Philips Electronics (RPE) attaches to India and its commitment to making things easier and simpler for all stakeholders. The proposed change of name to Philips Electronics India will enable the company to reflect its business more suitably and appropriately and present a unified face of the brand to all stakeholders," the release said.

PIL, a subsidiary of the Euro 29 billion Netherlands-based RPE, operates in the areas of lighting, consumer electronics, semiconductors, domestic appliances and personal care. PMSI is a subsidiary of Philips Medical Systems International and operates in healthcare equipment market. PSCL with development facility in Bangalore is fully owned by RPE and has about 1,200 software developers. PSCL develops about 20 per cent of the software content for Philips worldwide.

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