The US $ 5 billion led Brijmohan Lall Munjal - ledHero Group has announced its foray into the growing electronics sector in India, with the formation of a new company, ‘Hero Electronix’. The decision aligns with the ‘Make in India’ vision of the government and will help the growth of the sector. Hero Electronix will acquire a majority shareholding in Mybox Technologies Pvt Ltd, the largest multi operator manufacturer of set top boxes in the country.
Mybox is a leading supplier to marquee DTH and cable operators across India. A company with strong research and development capabilities, Mybox is a venture recognized by the Government of India and approved by DSIR (Department of Scientific and Industrial Research). An iconic household name in India since 1950's, the group has helped the growth of industry in the country, bringing customer-focused products ranging from two-wheelers to financial solutions.
Mr. 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 eco-system.
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."
As per the estimates of India Electronic and Semiconductor Association (IESA), the imports of electronics into India currently stand at 65% of the overall demand. Mybox is strategically focusing on fulfilling the demand of digitization in India, while simultaneously developing products for the world.
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