Philips Electronics India to sell its lifestyle entertainment division.

Kolkata: Philips Electronics India Ltd is selling its lifestyle entertainment division that makes audio and video appliances to Hong Kong-based Woox Innovations Ltd for Rs 30 crore.

Woox, a subsidiary of Japan’s Funai Electric Co. Ltd, will use the Philips brand in India for five years on a selected range of products for a one-time payment.

The deal was in tune with Royal Philips Electronics’ move of selling its global lifestyle entertainment business to Japan’s Funai Electric in January this year, Rajeev Chopra, vice-chairman and managing director of Philips Electronics India Ltd said.

Woox will acquire Philips’ said business, through a fully owned subsidiary incorporated in India and absorb all 75 employees of Philips working in the division, he added.

The lifestyle entertainment business, which contributes Rs408.6 crore or 7% of Philips India’s total sales, does not have any manufacturing unit in India and therefore, imports all products.

Source : livemint.com