Polycab acquires 100% stake in Silvan Innovation Labs

NEW DELHI: Wires and cable maker Polycab India Limited (PIL) Friday said it has inked an agreement to acquire a 100% stake in Silvan Innovation Labs Private Limited (Silvan) at a cost of Rs 10.2 crore for shares and about Rs 8 crore, as additional funds infusion to discharge certain outstanding liabilities.

Silvan is a Bengaluru-based technology company focused on providing automation offerings for homes, offices, banks, and other spaces, and will operate as a wholly-owned subsidiary of PIL post-acquisition.

The transaction, though, is subject to the fulfillment of certain conditions by both parties.