The Hero Group on Monday said it has forayed into 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”.
“This will give a huge impetus to the ‘Make in India’ initiative by helping reduce the imports of electronics into the country,” Munjal said. India’s electronic goods import grew by 14.85 per cent to $ 37.19 billion in 2014-15 from $32.38 billion in the previous financial year.