Picks up majority stake in Mybox Technologies
Hero Group is foraying into electronics and will acquire a majority stake in multi-operator set top box manufacturer Mybox Technologies, the company said on Monday.
Industry sources said the company has picked up a stake of about 65 per cent in Mybox Technologies.
The Hero Group, however, did not disclose the specifics on the acquisition, but said it is committed to make investments of ₹500 crore in the sector.
The $5-billion Hero Group, with presence in over a dozen business verticals, has set up a new company Hero Electronix through which it will be making this acquisition, it said in a statement.
This development comes at a time when the government and the industry is working toward the last two phases of cable TV digital addressable system (DAS). The government is also trying to promote indigenously manufactured set-top boxes to cut down on imports.
The Hero Group said this decision aligns with the “Make in India” vision of the government as it aims to develop strong in-house capabilities to flourish in the electronics sector.
Suman Kant Munjal, Chairman, Hero Electronix, said, “Hero Electronix will add associated business lines to its portfolio over the next few years and grow the vertical to help India develop a much needed sustainable electronics ecosystem. The company has lined up investments of ₹500 crore in next few years.”
As per the estimates of India Electronic and Semiconductor Association (IESA), the imports of electronics currently stand at 65 per cent of the overall demand.
“Hero Electronix sees immense potential in Mybox and its management team. Using its core competence in hardware and embedded systems design, Mybox is strategically focusing on fulfilling the demand of digitisation in India, while simultaneously developing products for the world,” the statement added.
When asked to comment, Amit Kharabanda, CEO, Mybox Technologies, told BusinessLine “the country has a requirement of about 12 crore set-top boxes in the next two years and this is a great opportunity for us. For instance, we have bagged a huge order recently from a DTH company that we need to execute in the next nine months.” The company, which is involved in development and design of set-top boxes said it has been supplying digital boxes to cable and DTH operators.
Source Hero Group enters electronics - The Hindu Business Line : Mobile Edition
Hero Group is foraying into electronics and will acquire a majority stake in multi-operator set top box manufacturer Mybox Technologies, the company said on Monday.
Industry sources said the company has picked up a stake of about 65 per cent in Mybox Technologies.
The Hero Group, however, did not disclose the specifics on the acquisition, but said it is committed to make investments of ₹500 crore in the sector.
The $5-billion Hero Group, with presence in over a dozen business verticals, has set up a new company Hero Electronix through which it will be making this acquisition, it said in a statement.
This development comes at a time when the government and the industry is working toward the last two phases of cable TV digital addressable system (DAS). The government is also trying to promote indigenously manufactured set-top boxes to cut down on imports.
The Hero Group said this decision aligns with the “Make in India” vision of the government as it aims to develop strong in-house capabilities to flourish in the electronics sector.
Suman Kant Munjal, Chairman, Hero Electronix, said, “Hero Electronix will add associated business lines to its portfolio over the next few years and grow the vertical to help India develop a much needed sustainable electronics ecosystem. The company has lined up investments of ₹500 crore in next few years.”
As per the estimates of India Electronic and Semiconductor Association (IESA), the imports of electronics currently stand at 65 per cent of the overall demand.
“Hero Electronix sees immense potential in Mybox and its management team. Using its core competence in hardware and embedded systems design, Mybox is strategically focusing on fulfilling the demand of digitisation in India, while simultaneously developing products for the world,” the statement added.
When asked to comment, Amit Kharabanda, CEO, Mybox Technologies, told BusinessLine “the country has a requirement of about 12 crore set-top boxes in the next two years and this is a great opportunity for us. For instance, we have bagged a huge order recently from a DTH company that we need to execute in the next nine months.” The company, which is involved in development and design of set-top boxes said it has been supplying digital boxes to cable and DTH operators.
Source Hero Group enters electronics - The Hindu Business Line : Mobile Edition
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