Leading electronic equipment manufacturer, Royal Philips Electronics has acquired Meditronics for an undisclosed amount. Meditronics is a Mumbai based company, known for its expertise in manufacturing general X-ray systems.

Philips is also thinking to relocate its research and development operations in emerging markets of developing countries. It may announce more acquisitions in coming days, as per confidential sources. It had already acquired health firm, Alpha two months earlier to expand its base in healthcare business in India.

Chief Executive Officer of Netherlands-based, Royal Philips Electronics, Mr. Gerard Kleisterlee said that Indian market is has high potential for economic growth of company. The company is already witnessing double digit growth in India and acquisition of Meditronics would further push its growth in healthcare business.

Indian medical equipment business is growing at the rate of 12-15 per cent annually and currently stands at Rs 2,800 crore. He ruled out any lay-offs and said that company requires more workforces and recruits. The global slowdown has not impacted the growth of company. Philips has about 130,000 employees working in medical-equipment, consumer durable product and lighting segments.