Hero Group promoters Munjal family has bought a majority stake in set-top box maker Mybox Technologies Pvt. Ltd. The acquisition is part of a broader, INR5-billion investment strategy of Hero in electronics business.
The Brijmohan Lall Munjal-led Hero Group, earlier known for its iconic motorbikes, is strengthening its electronics arm called Hero Electronix. Mybox Technologies Pvt Ltd is a Delhi-based company that makes STBs for direct-to-home operators in India. The company is recognized by Department of Scientific and Industrial Research. Hero hasn’t revealed the financial details of the deal yet.
“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 digitisation in India, while simultaneously developing products for the world,” Hero Group said in its statement, according to NDTV Profit.
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