Hero Group to invest Rs. 500 cr in electronics biz, acquire Mybox.

Diversified group Hero recently said it has entered the electronics segment with plans to invest Rs. 500 crore in the next few years and has 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 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,' Munjal said in a statement.

THE FINANCIAL EXPRESS