In the first quarter of next year, the company would launch Plasma and LCD TVs at "affordable prices," Suresh Sukumar, director, CTV marketing, said after launching a new range of audio systems in Tamil Nadu market for Christmas and New year.
Philips would make an investment of six per cent of its last year's global sales turnover of Rs two lakh crore on its new products. The turnover last year in India totalled Rs 2,300 crore (Rs 23 billion), he said.
Sukumar said the combined demand for DVD and mini-music systems in the country now was 55 per cent and the balance was cornered by VCD players.
Philips India, a subsidiary of Netherlands-based Royal Philips Electronics, entered the audio market in the country with Radio systems in 1930 and currently nearly one million of its products were sold annually.