To attain a 100 percent stake in Silvan Innovation Labs, a Bengaluru-based automation company, Polycab India Ltd(PIL) has signed an agreement. With a proven track record with many eminent real estate developers, Silvan claims to be one of the pioneers in the home automation sector of the Indian residential building market. Silvan has successfully installed over 100,000 devices in more than 8,000 homes and offices and has 17 patents, including filed and provisional.
The total cost of the procurement is around Rs 10.2 crore for shares and Rs 8 crore as additional funds to exonerate certain outstanding liabilities. To focus on offering automation for homes, offices, banks, retail outlets and hotels, Silvan would operate as an entirely-owned subsidiary of PIL, which is a manufacturer of wires and cables. The IoT-based smart products and solutions offered by Silvan comprises lighting management system, room automation, temperature control devices, contactless controls, curtain control, and security devices.
“PIL’s acquisition of Silvan adds new dimensions to its research and development (R&D) and innovation capabilities”, said the Silvan Innovation Labs. “PIL’s vast distribution presence and strong manufacturing capabilities will be leveraged to scale up Silvan’s highly functional IoT-based solutions,” it added.
“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 India Ltd.