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| Exchange Disseminated Time | MIC Electronics Ltd has informed BSE regarding a Press Release dated October 11, 2010 titled "MIC acquires 51% of Share Capital of the Avni Energy Solutions"
Press Release :
"MIC, a global leader in design, development & manufacturing of LED Lighting and LED Displays systems has announced today that it has entered in to a MoU to subscribe the equity capital of Avni Energy Solutions Pvt Ltd to acquire 51X of the stake in the Company.
Avni is a Bangalore based company manufacturing solid state LED Lighting systems for Rural and Commercial markets at Tirupati in the state of Andhra Pradesh. Avni has a good clientele and marketing base with good production capacities and R&D centre at Bangalore.
With this acquisition, MIC's manufacturing capacity would increase, and also would acquire valuable customer base and people resources. MIC wishes to use the facility to improve its presence and services in the Southern States and also have an exclusive setup to cater the Rural and urban markets with different LED Lighting products.
Commenting on the acquisition, Dr. M V Ramuna Rao, Chairman & Managing Director said, "We are pleased about acquiring Avni as now we have the additional capacity to meet the rising demand for LED lighting products across various segments. We are optimistic that this acquisition would boost MIC's market shares in this segment." |
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