Hero buys set top box maker Mybox, to invest `500 cr in electronics biz
Diversified group Hero on Monday said it has entered the electronics segment with plans to invest Rs 500 crore in the next few years and has acquired majority stake in set top box maker Mybox Technologies.
It announced the formation of a new company, Hero Electronix, which will spearhead the group’s activities in the segment. Suman Kant Munjal, who has been named the Chairman of the new company said Hero Electronix would 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 Rs 500 crore in next few years. This will give a huge impetus to the ‘Make in India’ initiative by helping reduce the imports of electronics into the
country,” Munjal said in a statement.
As its first strategic initiative, Hero Electronix will acquire a majority shareholding in Capital-based <g data-gr-id="21">Mybox</g> Technologies Pvt Ltd, a leading multi operator manufacturer of <g data-gr-id="26">set top</g> boxes in the country. It did not disclose the financial details of the deal.