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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 told PTI.
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.
"What we do is acquire certain technology, try to leverage the technology across the world. Technology will be a standardised platform, which will complement one another," Sivaraman said.
These steps are part of the company's plans to increase sales in emerging markets through more localised products.
"We are organising ourselves to be locally relevant and shape the market by engaging the consumer with so many things to buy and take home.
"Philips being a global player, for me leveraging our physical presence in these (emerging) markets and bringing more innovations, locally relevant solutions and making it more accessible in more price points is the priority," he said.
When it acquired Preethi, the company had said acquisition is part of its plan "to drive local innovation, including further building its industrial and commercial footprint in emerging markets".
Sivaraman said the Preethi acquisition has given Philips a strong channel presence and a manufacturing base for its kitchen appliances.
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