| It was floated as a joint venture between Bajaj Electricals Ltd and the Dutch parent of Philips India KPENV. |
| Sources close to the development said that KPENV had sold its entire stake in Hind Lamps few months back to its partner Bajaj Electricals. KPENV used to hold close to 38 per cent stake in the company. Hind Lamps was the only associate company of KPENV. |
| Philips Electronics India is now nearly a wholly owned subsidiary of the Dutch parent with only very few shares in public hands. When contacted, an official of Philips admitted about the development but refused to elaborate the deal. |
| "It was a strategic investment by KPENV. But Bajaj Electricals used to control the company with 62 per cent holding. Now GLS is no longer the thrust areas of Philips as it is a low margin business," sources said. |
| However, sources said they were not in a position to reveal the size of the deal. Incidentally, Philips Electronics India is still one of the market leaders in GLS lamp category along with CFL. Hind Lamps has its factory at Sikokabad in Uttar Pradesh. The company has a GLS capacity of 8-10 million per annum. |
| According to sources, GLS lamps now contributes close to 30 per cent of the turnover of the lighting division of Philips Electronics in India. |
| "PEIL currently has two factories GLS in Mohali and Vadodara and an annual capacity of close to 250 million, which is one of the highest," said a source. The lighting division of Philips posted a turnover of Rs 976 crore in 2005-06 and is growing at around 14 per cent annually. |
| "GLS is still the largest segment in domestic lighting but the growth rate and the margin is higher in low power consuming CFL. The company is looking into compact fluroscents (CFL) led growth in the lamps segment," said the source. |
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