Polycab India Ltd. (PIL) has signed an agreement to acquire 100% stake in home-automation firm Silvan Innovation Labs Pvt. Ltd. for ₹18.2 crore.

Silvan will operate as a wholly owned subsidiary of PIL. The company has 17 patents, including those filed and provisional and is based out of Bengaluru.

“Our ambition is to become a forefront consumer-centric company. The domain strength of Silvan coupled with our robust go-to-market capabilities presents a great synergistic combination,” said Inder T. Jaisinghani, CMD, PIL said

“It is a fantastic addition to our IOT portfolio and aligns with our strategy to address evolving consumer needs with new age innovative solutions. I believe Silvan will also play a vital part in achieving our aspirations,” he added.

Ends

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Printable version | Jun 18, 2021 11:57:57 PM | https://www.thehindu.com/business/polycab-to-acquire-silvan-for-182-crore/article34852198.ece

Polycab to acquire Silvan for ₹18.2 crore