MIC Electronics acquires 51% stake in AVNI Energy Solutions

12 Oct 2010 Evaluate

MIC Electronics , a global leader in design, development and manufacturing of LED Lighting and LED Displays systems has entered into an MoU to subscribe the equity capital of Avni Energy Solutions Pvt Ltd to acquire a 51 per cent 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. With this acquisition, MIC's manufacturing capacity would increase, and it also would acquire valuable customer base and people resources. MIC plans to use the facility to improve its presence and services in the southern states and also have an exclusive set up to cater the rural and urban markets with different LED lighting products

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