You'll soon be able to buy Philips TVs in India
What's the story
Chinese firm Skyworth is partnering with Indian television manufacturer Super Plastronics, to bring back Philips-branded TVs to the Indian market, as per The Economic Times. They should be launched this month. The precise terms of this partnership are still being finalized. Skyworth currently owns the license for Philips televisions in India and a few other markets.
Production plans
Super Plastronics to manufacture Philips TVs
Super Plastronics, a ₹1,000 crore company, already has licenses for popular electronic brands like Kodak, Thomson, Blaupunkt and Westinghouse. The firm will manufacture the new range of Philips televisions at its upcoming facility in Hapur, Uttar Pradesh. Until this plant becomes operational, the production will take place at one of its existing facilities.
History
Videocon Group was the previous license holder
The move marks a major return for the Philips brand, which had all but disappeared from the Indian market after its previous license holder Videocon Group went bankrupt.
Regulatory hurdles
Chinese investments in India require multi-department clearance
Investments from firms in countries sharing land borders with India (like China) require multi-department clearance from the Indian government. The scrutiny was intensified after bilateral relations soured following a deadly border clash in June 2020. Despite the regulatory hurdles, minority equity partnerships between Chinese and Indian companies are increasingly becoming a popular route for Chinese investments in India.