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Rs 300 crore investment by Philips in India on cards

Dutch company, Philips said it is planning to augment its investment in India to Rs 250-300 crore to boost its manufacturing and R&D facilities in the country. In addition to this investment, the healthtech and consumer electronics major plans to add around 1,000 people over the next two to three years to its already expansive workforce of 6000 people in the country.

Also in the pipeline is the company’s aim to scale up PPPs in the country from 100 in radiology and cardiology currently to 200 such partnerships over the next year or so. The expansion of its Pune factory by adding 7,200 sq ft to start manufacturing magnetic resonance imaging (MRI) and x-ray equipment is also on the cards. This centre has served as the hub to export to several countries across the world. Another project that is in the line is building a new 650,000 sq ft campus in Bengaluru that can house over 5,000 people.

Daniel Mazon, Vice Chairman and Managing Director for Indian subcontinent at Philips India, was quoted as saying, “Even as we work through the current crisis, we are focused on the future and are investing towards it.” He added that complementing the Indian government;s Make in India initiative, the firm wants to combine IT and hardware to create a very strong solution in connected healthcare.