Companies

Compaq TV licensee Ossify Industries acquires Haryana plant for ₹225 crore

Our Bureau New Delhi | Updated on April 21, 2020 Published on April 21, 2020

Ossify Industries, the brand licensee for Compaq smart televisions in India, has acquired a manufacturing facility in Kundli, Haryana, for about ₹225 crore. The company said it will make additional investments of ₹210 crore to upgrade the facility over the next 48 months. The plant will begin production by the end of 2022.

In a statement, Anand Dubey, CEO, Ossify Industries, said, “The acquisition of the manufacturing facility is a crucial step for us, as the company is embarking on its next phase of growth. This will help us immensely in fulfilling the projected domestic demand for Compaq. Equipped with cutting-edge technology for product design, development and testing, the new plant in Kundli will be rolling out a large volume of televisions annually.”

The Delhi-based company will leverage this acquisition to scale up the Compaq TV business.

Dubey said that amid the pandemic, the acquisition reflect the company’s long-term optimism about the TV industry, and resurgence of the economy from the current crisis.

“Ossify’s state-of-the-art manufacturing facility will primarily cater to the domestic and international business for Compaq televisions for which it holds licence for multiple countries and regions. However, a small percentage of the production may also serve the domestic and South Asia OEM/ODM business for some prominent TV brands,” the company added.

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Published on April 21, 2020
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