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Industry News
India NewsVideocon to make sell Philips TVs in IndiaVideocon Industries signed a five-year agreement with Philips Electronics NV to make and sell the century-old Philips brand televisions in India, the companies said on Monday. The deal with Philips, a household name that once dominated the country’s radio and audio cassette player market before the Korean invasion, will help Videocon better challenge brands such as LG and Samsung in the Indian television market. “The move will help us get access to advanced global technology from Philips and help Videocon grow faster in the country,” said P N Dhoot, president of Videocon Group. The consumer durables-to-telecom conglomerate will pay a royalty of around 3% to the Dutch consumer electronics firm, officials close to the development said. ET first reported the development in December last year.Videocon will manufacture the televisions as per the specifications and standards of Philips, said Murali Sivaraman CEO, Indian Subcontinent, of Philips India.
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