Polycab India Limited (PIL) has signed an agreement to acquire 100 per cent stake in Bengaluru-based Silvan Innovation Labs Private Limited (Silvan).
The cost of acquisition is around Rs 10.2 crore for shares and around Rs 8 crore as additional funds infusion to discharge certain outstanding liabilities, a PIL statement said on Friday.
Silvan, focused on providing automation offerings for homes, offices, banks, retail outlets and hotels, would operate as a wholly-owned subsidiary of PIL, a manufacturer of wires and cables, it said.
Silvans IoT-based automation products and solutions portfolio includes lighting management system, room automation, temperature control devices, contactless controls, curtain control, and security devices, the statement added.
‘This is complemented by its application and cloud platform for value-added services and has integrated capabilities on various third-party cloud platforms such as AWS, Google Cloud, Samsung SmartThings, and IBM Watson,’ it was stated.
(PTI)
Source: Business World
