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Hero Electronix which is a Hero Group’s electronics venture, has announced acquisition of a strategic stake in Bengaluru-based Tessolve Semiconductor for an undisclosed amount.
The company has also announced an investment of Rs 1,000-1,200 crore for expansion in next five to seven years which will be including partnerships, acquisitions and setting up of greenfield projects.
Ujjwal Munjal, Hero Electronix Founder Director has said that “The acquisition gives us a foot into futuristic products as Tessolve Semiconductor is into providing engineering expertise in semiconductor design, test/product engineering to global clients.”
He said that the acquisition is going to be carried out in a phased manner and by the end of 2016, Hero Electronix will be having a significant majority holding in Tessolve.
