18 Jun , 2021 By : Kanchan Joshi
BENGALURU: Polycab India Ltd (PIL) has signed an agreement to acquire 100% stake in Bengaluru-based automation company, Silvan Innovation Labs for Rs182 million.
Founded in 2008, Silvan claims to be one of the pioneers in the concept of home automation in the Indian residential building market with a proven track record with many prominent real estate developers. Silvan has installed over 100,000 devices in more than 8,000 homes and offices and has 17 patents, including filed 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 vast distribution presence and strong manufacturing capabilities will be leveraged to scale up Silvan’s highly functional IoT based solutions," it added.
Silvan’s internet of things (IoT) based automation products and solutions portfolio includes lighting management systems, room automation, temperature control devices, contactless controls, curtain control, security devices, among others.
"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 synergic combination. It is a fantastic addition to our IoT portfolio and aligns with our strategy to address evolving consumer needs with new-age innovative solutions," said Inder T. Jaisinghani, chairman & managing director, Polycab.
Silvan clocked Rs34.4 million in sales in FY20. It has an order pipeline of over Rs1 billion, however, the pandemic has significantly constrained the business from achieving its true potential, PIL said in a statement.
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