MIC Electronics Ltd acquires 51% Stake in AVNI Energy Solutions
MIC, a global leader in design, development & manufacturing of LED Lighting and LED Displays systems has announced today that it has entered in to a MoU to subscribe the equity capital of Avni Energy Solutions Pvt Ltd to acquire 51% of the stake in the company.
- (1888PressRelease) October 12, 2010 - Hyderabad - Avni is a Bangalore based company manufacturing solid state LED Lighting systems for Rural and Commercial markets at Tirupati in the state of Andhra Pradesh. Avni has a good clientele and marketing base with good production capacities and R&D centre at Bangalore.
• Acquisition to boost MIC's presence in Sothern India
• MIC expects an increase in manufacturing capacity
With this acquisition, MIC's manufacturing capacity would increase, and also would acquire valuable customer base and people resources. MIC wishes to 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.
Commenting on the acquisition, Dr. M V Ramana Rao, Chairman & Managing Director said, "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."
ABOUT MIC ELECTRONICS LTD:
MIC Electronics, an intrinsically R&D driven organization, commenced its operations 22 years back, with LED Displays as its flagship product. The Company forayed into the Telecom domain through several innovative products, realized based on in-house R&D.
A strong Embedded Technology base was created in the Company and several embedded products were developed, produced and delivered by the company. MIC today is laying thrust only on LED Lighting and LED Displays.
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