In the last couple of months India has seen a lot of investments happening in the electronics domain but there have been very few which has been strategic in nature. Recently Hero Groups’s electronics manufacturing company Hero Electronix has done a strategic investment in Tessolve Semiconductor. This strategic investment will make Hero enter the domain of wearables, Internet of Things (IoT) devices, and electronic components. In the course of next few months Hero will be buying out other stakeholders of Bengaluru based Tessolve, thus having a majority stake in the company.
Hero has set ambitious plans for its electronics division. The company plans to invest Rs 1,000 to Rs 1,200 crore in the next five to seven years and it hopes that Hero Electronix will become a billion dollar company in the country. Tessolve on the other hand was founded in 2004 and has around 900 employees, and this strategic acquisition will go a long way in fulfilling Hero Group’s dream to be one of the electronics giant in the country.
Here it should be noted that last year Hero Electronix acquired set top box manufacturer MyBox Technologies. The company shipped more than 1.5 million units of set top boxes last year and this figures in expected to double this year. The company presently has revenue of Rs 300 crore and it has set a target to achieve Rs 800 crore by the end of this fiscal.
By Atanu Kumar Das
