Polycab India Ltd. (PIL) has signed an agreement to acquire 100% stake in home-automation firm Silvan Innovation Labs Pvt. Ltd. for ₹18.2 crore.
Silvan will operate as a wholly owned subsidiary of PIL. The company has 17 patents, including those filed and provisional and is based out of Bengaluru.
“Our ambition is to become a forefront consumer-centric company. The domain strength of Silvan coupled with our robust go-to-market capabilities presents a great synergistic combination,” said Inder T. Jaisinghani, CMD, PIL said
“It is a fantastic addition to our IOT portfolio and aligns with our strategy to address evolving consumer needs with new age innovative solutions. I believe Silvan will also play a vital part in achieving our aspirations,” he added.
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