MICO to acquire CSI business of Philips India

BANGALORE: The security technology division of Robert Bosch GmbH, Germany, has entered into an agreement for the purchase of the business division, "Communication, Security and Imaging" (CSI) of Koninklijke Philips Electronics NV, Netherlands. Consequently, Motor Industries Co. Ltd. (MICO), has decided to purchase the business of communication products and closed circuit television (CCTV) products from Philips India Limited, a subsidiary of Koninklijke Philips Electronics NV, for an estimated aggregate consideration of Rs 4 crore.

The above business formed part of the earlier business electronics division of Philips India Limited and had a turnover of Rs 15 crore in 2001. It currently employs 13 people. With this acquisition, MICO gains an entry into this new market segment in India.

Bosch is one of the leading industrial companies in Germany with a turnover of 34 billion Euro and has 218 subsidiaries and associated companies in 50 countries and 227 manufacturing locations.

Bosch stands for competence and product diversity in the following sectors, automotive equipment, power tools and accessories, thermo-technology, household appliances, communication, automation and packaging machines.