Want alternate source for components other than China: Signify Innovations

The companies globally had started to get independent from China, as it was not necessarily getting cheaper for them, said Signify Innovations

Signify Innovations, erstwhile Philips Lighting, has said the industry is looking for alternate destinations to source components as procurement cost from China is not going down since last three-four years.

The companies globally had started to get independent from China, as it was not necessarily getting cheaper for them, Signify Innovations India Vice Chairman and Managing Director Sumit Joshi said.

"In the last three-four years the cost of China was not going down and this whole thing about finding alternatives for procurements has been going on for quite some time. It has just become more prominent given the current situation,"