Wire manufacturer Polycab India Ltd on Friday announced an agreement to acquire Silvan Innovation Labs Private Ltd, a home automation company based in Bengaluru.
The deal includes ₹10 crore for the entire stake in Silvan and around ₹8 crore as additional funds infusion to discharge certain outstanding liabilities, Polycab said in a statement. Silvan will operate as its wholly-owned subsidiary.
“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,” Polycab CMD Inder T. Jaisinghani said.
Silvan has installed 1 lakh internet-of-things based automation products in more than 8,000 homes, offices, banks, stores and hotels, the statement said. It has 17 filed and provisional patents.
The company was founded in 2008 by four electronics and embedded systems professionals, three out of whom — Giridhar Krishna, Mohan Gopalakrishna and Ajay Gupta — will continue with Polycab after the acquisition.