New Delhi, India, June 22, 2015: The US$5 billion Brijmohan Lall Munjal – led Hero Group, with presence in over a dozen business verticals, today announced its foray into the rapidly growing electronics sector of the country, 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, further.
As its first strategic initiaive, 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). It is also one of the very few companies engaged in end-to-end design of indigenous set top boxes.
In keeping with its long standing heritage of commitment to excellence, Hero aims to build strong in-house capabilities to help ‘Make in India’ flourish with this venture into the electronics sector. 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.
Suman Kant Munjal, Chairman of 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.”
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.
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 digitization in India, while simultaneously developing products for the world.