Polycab India to acquire Silvan Innovation Labs for £ 182million
BENGALURU: Polycab India Ltd (PIL) has signed an agreement to acquire 100% stake in Bengaluru-based automation company, Silvan Innovation Labs for ₹182 million.
Founded in 2008, Silvan claims to be one of the pioneers of home automation concept in the Indian residential construction market with a proven track record with many leading real estate developers. Silvan has installed more than 100,000 devices in more than 8,000 homes and offices and has 17 patents, including registered and provisional.
PIL’s acquisition of Silvan adds new dimensions to its research and development (R&D) and innovation capabilities, the company said. “PIL’s extensive distribution presence and strong manufacturing capabilities will be leveraged to develop Silvan’s highly functional IoT-based solutions,” he added.
Silvan’s Internet of Things (IoT) based automation product and solution portfolio includes lighting management systems, room automation, temperature control devices, contactless controls , curtain controls, safety devices, among others.
“Our ambition is to become a leading consumer-centric company. The strength of Silvan’s domain, coupled with our strong go-to-market capabilities, presents an excellent synergistic combination. It’s a fantastic addition to our IoT portfolio and aligns with our strategy to meet evolving consumer needs with innovative next-generation solutions, ”said Inder T. Jaisinghani, President and CEO of Polycab.
Silvan clocked ₹34.4 million sales in FY20. It has an order pipeline of over ₹$ 1 billion, however, the pandemic has significantly prevented the company from reaching its true potential, PIL said in a statement.
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