MUMBAI: MIC Electronics , a global leader in design, development and manufacturing of LED Lighting and LED Displays systems, on Monday said that it has entered into an MoU to subscribe the equity capital of Avni Energy Solutions Pvt Ltd to acquire a 51 per cent stake in the company.
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, a press release issued here said.
Avni has a good clientele and marketing base with good production capacities and R&D centre at Bangalore, it said.
With this acquisition, MIC's manufacturing capacity would increase, and it also would acquire valuable customer base and people resources, the release added.
MIC plans to use the facility to improve its presence and services in the southern states and also have an exclusive set up to cater the rural and urban markets with different LED lighting products, the release said.
Commenting on the acquisition, the company's Chairman and Managing Director, M V Ramana Rao, 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."
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