Philips TVs set to return as Skyworth, Super Plastronics form joint venture
Shenzhen Skyworth Digital Technology Co is inking a joint venture (JV) with home grown television manufacturer and seller, Super Plastronics, to relaunch Philips televisions in the country, as per two industry executives.
ET Year-end Special Reads
The mother of all Indian IPOs: Is it coming in 2025?
10 big events India witnessed in 2024
Thriller or mystery? How India's economy can unfold in 2025
Skyworth has the license of Philips for televisions in India and some other markets. The executives said the JV will for product development, technology transfer, sales and marketing with the Chinese electronic major owning 40% and the Indian firm the balance 60%.
Super Plastronics, a Rs 1,000-crore company, already has the license for popular electronic brands Kodak, Thomson, Blaupunkt and Westinghouse which it sells through ecommerce and retail stores.
“Skyworth does not want to sell Philips televisions on its own in India due to increased regulatory action on Chinese companies. It will partner with Super Plastronics and have a minority holding. The launch of Philips televisions is expected in January,” one of the executives said.
Investments from companies in countries sharing land borders with India such as China need a multi-department clearance from the Centre as per Press Note 3 norms drawn up in 2020. The Indian government began scrutinising investments by Chinese firms following worsening of bilateral ties after a deadly border clash in June 2020 between the two armies.
Artificial Intelligence(AI)
Java Programming
