Hero Electronix, which marked Hero Group’s foray in the electronics sector last year, has acquired a strategic stake in Tessolve Semiconductors, a Bengaluru-based semiconductor test engineering services company, for an undisclosed sum.

This is the second acquisition for the company after it acquired a majority stake in multi-operator set-top-box manufacturer MyBox Technologies last year.

Ujjwal Munjal, Founder-Director, Hero Electronix, said the company will complete a phased acquisition of a significant majority stake in Tessolve Semiconductors by the year-end.

Hero Electronix and its subsidiaries also plan to cumulatively invest about ₹1,000-1,200 crore in the next five-seven years.

“We have set an ambitious target to build a billion-dollar global digital products and solutions enterprise. This acquisition is in line with our vision to seize the opportunity that is emerging out of digital transformation. We will try and identify opportunities and diversify further in the semiconductor value chain, work on global IoT (internet of things) platforms, defence electronics and other electronics components and services,” he said.

Munjal said the company will focus on partnerships with IP-driven engineering businesses and not look at low-cost engineering companies.

Tessolve Semiconductors offers engineering services in design and test and product engineering, systems design among others.

P Raja Manickam, CEO, Tessolve Semiconductors, said with this partnership, the company would now focus on further strengthening its testing capabilities, brand reach and operational efficiency.

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