New Delhi,May 29 : Consumer electronics firm Philips today said it will start producing some of its imported products, including induction cooker tops and shavers, in India to reduce the impact of rupee depreciation in future.
“Keeping in view of the current rupee depreciation, we are focussing more on localisation. This is going to help us in reducing the severe impact in future,” Philips Electronics Indian Subcontinent President (Consumer Lifestyle) ADA Ratnam told PTI.
Under this strategy, the company is now planning to produce induction cooker tops and shavers in India, he added.
“Currently these two products are imported from the Netherlands. In the next 12-24 months, these will be localised,” Ratnam said.
When asked if Philips Electronics would also consider raising prices of the products, he said the company does not have any such plan at this moment.
“We are watching the current situation closely and if it goes out of hand, we will take a call,” Ratnam said, adding the firm always considered both raw material rates and the currency movements before taking a decision to hike prices.
The company had raised the prices of its products by 5-7 per cent during January-February, he added.
Philips Electronics today launched a new electric cooker, which is claimed to be using 80 per cent less oil while frying any food item.
Th product, AirFryer, is priced at Rs 14,995 and it will be sold as an imported appliance in India.
Ratnam said the company currently enjoys 25 per cent share in the Rs 2,500 crore Indian kitchen appliances market and the AirFryer will further strengthen its position.
Latest Business News
