Philips is acquiring Indian medical device maker Meditronics for an undisclosed amount. Mumbai-based Meditronics which was founded by two engineers Kanti Gada and Vinod Vora is engaged in the field of general X-ray systems with a focus on surgery and radiography. It employs around 150 people with four manufacturing plants in the country.
For the Dutch electronics major, this would be the second acquisition in Indian healthcare market in the last three months. In early September it had announced a deal to acquire Mumbai-based Alpha x-ray Technologies, which is engaged in the field of cardiovascular X-ray systems. Both these transactions are expected to be completed before the end of 2008.
Globally it competes with Siemens and GE in the healthcare field, particularly in the area of medical devices. Besides competing with the global firms in India it is looking at acquiring domestic companies with niche technology and product portfolio. This is aimed at building a presence in India and also taking some of the indigenously developed low cost products to other emerging markets.
Philips which delisted from the Indian stock market operates through three business divisions- lighting, healthcare and consumer lifestyle(electronics & appliances). While lighting is its biggest unit in India, followed by consumer lifestyle and software development, healthcare is one of its fastest growing areas. In 2007 calendar year it had revenues of around Rs 2,900 crore in India.