New Delhi: Philips to invest Rs 1,000 crore in India

Philips has agreed to invest 1,150 crore in the country, to be built through a joint venture with Mahindra and Bharat Electronics.

The investment will help revive the country’s electronics sector and help it reach its growth target, Mahindri said here.

Philips, the world’s largest manufacturer of audio equipment, said the investment will create up to 5,000 jobs in India.

“This will further our growth plan to be able to meet the countrys needs in the future,” Mahindre said here on Monday.

The company, which makes electric, mechanical, and computer systems, also said it will build a new office and industrial complex in India to create up-to 300 new jobs in manufacturing, IT, and other services.

It said it expects to invest at least Rs 3,000 crores in the project.

Philip said the deal with Mahinda Mahindranand would see the company expand its global footprint to 15 countries in 2017.

Philipp will invest in electronics equipment in India, India’s Prime Minister Narendra Modi said in a statement here.

“The Philips-Mahindra partnership is the most important investment of the Modi government to revive the Indian electronics sector,” he said.