Hero MotoCorp’s Munjal family has entered the electronics business and has acquired a majority stake in set top box manufacturer MyBox Technologies, reports Mint. However the company issued a clarification on the Bombay Stock Exchange that the deal is done by the Munjal family and not by Hero Motocorp.
“The company has no information about this investment. However we confirm that this investment has never been discussed in the board meeting of the company. In case there will be any development we will make the required disclosures,” the clarification read. The Munjals are the promoters of Hero MotoCorp.
However, the new company will be called Hero Electronix and will see the investment of Rs 500 crore from its parent company in the next few years. Suman Kant Munjal will be the head of the new venture and said that Hero Electronix would add more associated businesses to its portfolio over the coming years.
Mybox is recognized by the Government of India and approved by DSIR (Department of Scientific and Industrial Research) and is also one of the very few companies engaged in end-to-end design of indigenous set top boxes.
Earlier this month, Pawan Munjal took over the reins of Hero MotoCorp from Brijmohan Lall Munjal as Chairman, CEO & Managing Director of the company. Brijmohan Lall will continue to be on the board of the company and serve as non-executive director and chairman emeritus
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