Hyderabad’s MIC Electronics to acquire 51-% stake in Avni Energy Solutions
11 Oct 2010
MIC Electronics, the Hyderabad-based LED technology company today said that it will acquire a 51 per cent stake in Avni Energy Solutions Pvt Ltd by subscribing to the equity capital of the Bangalore-based solid state LED Lighting systems company.
Avni manufactures solid state light emitting diode (LED) lighting systems for rural and commercial markets at Tirupati in the state of Andhra Pradesh and has a good clientele and marketing base with good production capacities and R&D centre at Bangalore.
Founded in 1988 and with 2009 revenue of about Rs250 crore, MIC designs, develops, manufactures, and sells LED video displays, and electronic and telecommunication equipment in India and internationally.
Its primary products include indoor, outdoor and mobile LED video displays that are used in sports stadiums, transportation hubs, digital theatres and theme parks, advertisements, and public information displays.
With this acquisition, MIC manufacturing capacity would increase, and also would acquire valuable customer base and people resources, said MIC in a statement.
MIC said that it will use the facility to improve its presence and services in the Southern states and also have an exclusive setup to cater the rural and urban markets with different LED lighting products.
''We are pleased about acquiring Avni as now we have the additional capacity to meet the rising demand for LED lighting products across various segments. We are optimistic that this acquisition would boost MIC's market shares in this segment,'' said Dr. M V Ramana Rao, chairman and MD of MIC.