Fis Give Ok To Philips Unit Sale

Financial institutions yesterday indicated they were not opposed to Philips India Ltd's move to sell its consumer electronics plant in Salt Lake, Calcutta, to the Videocon group. FI officials said they had sought an amendment to the resolution only in order to know the details of the company's plans.

"The institutions do not have any opposition to the plan. We sought to amend the resolution to know the details of the proposal", the officials said.