Storage device maker Moser Baer India Ltd today said that it had settled its licensing and patent dispute with Philips over recordable compact and digital video discs.
The settlement provides for the resolution of all claims and counter claims without any admission of liability or wrongdoing by either party, the Indian firm said in a statement to the BSE.
"Philips and Moser Baer have entered into a confidential settlement agreement ending a series of disputes in multiple jurisdictions pertaining to recordable compact discs (CDs) and DVDs," Moser Baer said in a statement to the BSE.
The settlement provides resolution of all claims and counterclaims without any admission of liability of wrongdoing by either party, it further said.
"This is a strong and healthy development for the optical media industry and will help us at Moser Baer reduce our business risk and consolidate market position," company executive director Ratul Puri said.
The amicable settlement paves the way for Moser Baer to maintain and strengthen its market leadership as a leading maker of optical media storage products, the company said.
"We attach great importance to IPR-related issues, which are critical for the growth of the optical media industry," Puri added.