Electrical products maker Polycab India Limited (PIL) on Friday announced that it has inked an agreement to acquire 100 per cent stake in Silvan Innovation Labs, a Bengaluru company providing IoT based automation for offices, homes and other spaces.
Polycab said it will invest Rs 10.2crore to purchase the IoT firm Silvan’s shares and Rs 8crore as additional infusion on the company’s outstanding liabilities. The acquisition is expected to strengthen PIL’s R&D capabilities, post which the company would operate as a wholly owned subsidiary of PIL.
PIL said in a statement that it will use its distribution and manufacturing network to grow Silvan’s automation solutions. “Acquisition of Silvan adds new dimensions to our R&D and innovation capabilities. Its wireless retrofit system technology enables rapid upgradation of conventional FMEG into smart products. Furthermore, PIL’s vast distribution presence and strong manufacturing capabilities will be leveraged to scale up Silvan’s highly functional IoT-based solutions,” said Polycab in an official statement.
PIL chairman and managing director Inder T Jaisinghani said it is a fantastic addition to the company’s IoT portfolio. He also added that he is believing on Silvan to play significant role in achieving FMEG aspirations.