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| Edited By: |Source: Reuters |Updated: Mar 17, 2018, 03:42 AM IST
Dutch consumer durables major Philips Electronics has signed a 5-year licensing pact with India's Videocon Industries Ltd to market its television sets in India, a top official said on Monday.
"This is part of Philips global strategy to improve the profitability of its TV business," Mahesh Krishnan, head of consumer lifestyle business in India, told Reuters.
"We have signed a 5-year brand licensing agreement with Videocon where in they will source, distribute, sell and market Philips consumer televisions in India," he added.
Philips will be paid royalty by the Indian firm and expects the pact to boost its television sales in the country with the help of Videocon's large sales and distribution network.
Videocon in March 2010 failed a bid to acquire Finland-based electronics firm Elcoteq.
Shares of Videocon ended 1.74% down at Rs234.9 in the weak Mumbai market.
