Hero Group-owned Mybox Tech sets ambitious STB manufacturing target

Thakur

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After offloading majority stake to the Hero Group, set-top box (STB) manufacturer Mybox Technologies has set an ambitious target of selling 1.5 million boxes in FY16.

Hero has bought out electronics manufacturer Dixon Technologies’ stake in Mybox and a portion of Kharabanda family’s holding. The $5 billion Brijmohan Lall Munjal-led Group has become the majority owner of the company, while the Kharabandas still retain a minority stake.

Amit Kharbanda Mybox Technologies executive director Amit Kharabanda refused to divulge information about shareholding pattern of the company. “It’s a majority acquisition. Dixon Technologies, which was an equity partner, is out.

Hero Group has bought out Dixon’s stake plus a little bit of our stake,” Kharabanda said. Backed by a company like Hero, Mybox plans to scale up its volumes in the coming years.

The company is close to selling two million STBs in the market. “In this financial year, we are planning to sell 1.5 million STBs and maybe double that in the next fiscal,” Kharabanda asserted.

Read more at: 

http://www.televisionpost.com/technology/hero-group-owned-mybox-tech-sets-ambitious-stb-manufacturing-target/
 
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