Diversified group Hero, on Monday, said it had entered the electronics segment with plans to invest Rs.500 crore in the next few years and had 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.
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As its first strategic initiative, Hero Electronix will acquire a majority shareholding in New Delhi-based Mybox Technologies Pvt. Ltd., a leading multi-operator manufacturer of set-top boxes in the country. However, it did not disclose the financial details of the deal.