Philips buys Indian appliance maker Preethi

THE HAGUE: Dutch consumer electronics maker Philips said Monday it had purchased leading Indian kitchen appliance maker Preethi for an undisclosed amount to become the leader in India's fast-growing market.

Royal Philips Electronics said in a statement that it "has agreed to acquire the assets of the Preethi business, a leading kitchen appliances company in India" based in the southeastern city of Chennai and which employes around 850 people.

"This will make Philips the clear leader in this specific fast-growing segment within the Indian domestic appliances market," it added.

Philips, a manufacturer of medical equipment, televisions, lighting systems and consumer appliances, employs about 119,000 people in more than 60 countries.