Philips seeks to make an acquisition in India over next 12 months

Netherlands-based Royal Philips was one of the first multinational corporations to set foot in India back in 1930. Over the next few decades, Philips India Ltd ruled the consumer electronics market in India. But after the 1990s, it lost out to Japanese, Korean and Indian companies, and its contribution to global revenues also dropped drastically. In the past few years, the company reorganized its businesses in India, shifted focus to health-tech and consumer lifestyle products segments, besides its core business of lighting. The company managed to get back to growth, but profitability remained a key concern. Six months after joining Philips India Ltd as vice-chairman and managing director, Raja Venkataraman, in an interview with Mint, speaks about how the company is trying to boost profitability, increase its contribution to the global pie over the next five years.