Dutch consumer electronics firm Philips today said it is looking to make India an innovation hub and develop more locally relevant products, particularly for its domestic appliances segment.
The company, which had acquired Chennai-based kitchen appliances firm Preethi in January this year, said it is looking to leverage on local technology as it looks at emerging markets contribute 40 per cent of global revenues by by 2015, up from 34 per cent at present.
“India now becomes a part of the important global string. The acquisition has helped us in having an innovation hub which will connect globally to bring a lot more Indian relevant solutions and also leverage India as an integral part of the global R&D in building platforms,” Philips General Manager Consumer Lifestyle (Domestic Appliances) Murali Sivaraman said.
He said domestic appliances business is an important category to drive growth in the emerging markets and will take the inorganic route to bring in local innovation and leverage on local technology.
