Bangalore: The Boards of Philips India Limited (PIL), Philips Medical Systems (India) Private Limited (PMSI) and Philips Software Centre Private Limited (PSCL) have approved the merger of these three Philips entities into a single legal entity, to be known as Philips Electronics India Limited.

The merger and change of name will take effect after consents and approvals from the shareholders and the High Court concerned. This is expected to concluded in March 2005 and will have an 'appointed date' of April 1, 2004, a Philips statement said.

The merger scheme envisages a share swap ratio of one share of PSCL for every two shares of PIL and 78 shares of PMSI for every one share of PIL. The share exchange ratio was arrived at based on the recommendations made by M/s S B Billimoria and Co and M/s N M Raiji and Co, Chartered Accountants, who acted as valuers to the transaction.

"The merger reaffirms the growing importance Royal Philips Electronics attached to India and its commitment to making things easier and simpler for all stakeholders. The proposed change of name to Philips Electronics India Limited will enable the company to reflect its businesses more suitably and appropriately and present a unified face of the brand to all stakeholders," it said.