The USD 5 billion Hero Group is diving into the rapidly growing electronics market in the country has announced to form a new company, ‘Hero Electronix’ and invest Rs.500 crore for the purpose in the next few years.
As part of its strategic move into the electronics market, the company has acquired a majority stake in one of the largest manufacturer of set top boxes, the Mybox Technologies through its subsidiary Hero Electronix.
Mybox Company with research and development capabilities is recognised by the Government of India and approved by the Department of Scientific and Industrial Research.
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 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.”
According to IESA 65% of the overall demand is currently met by imports of electronics in India.