Hero Electronix, part of the Hero Group, is gearing up to venture into new areas like Internet of Things (IoT), defence electronics and automotive sector, according to a senior company official.
The company has identified IoT-enabled home solutions as a priority area as part of its strategy to scale up overall business.
“More and more technologies are entering Indian households today and there lies a huge opportunity for a company like us in IoT,” Hero Electronix CEO Nikhil Rajpal told PTI.
Right from security surveillance to home electronics, trackers and lighting systems, there are lot of opportunities, he added.
When asked how soon the company would venture into it, Rajpal said: “We have prototypes ready and in another six to nine months we should be ready with our first launch in the segment.”
While he did not disclose the type of product, Rajpal said the idea behind the company’s product development has been to tailor it to suit Indian requirements.
“What is currently available in the market are high priced products which have been made for the developed markets. Our products are developed keeping in mind the localised needs, how things are used in an Indian household,” he added.
Moreover, Rajpal said, “Our focus has been on the pricing front where our efforts have been to make them affordable.”
On defence electronics, he said the company’s aim is to tap into India’s huge spending on defence and play a part in the drive for local manufacturing.
“A large part of defence spending is on electronics. So we do see an opportunity there, specially considering the government’s Make in India initiative,” he added.
When asked about initiatives for the automotive sector, he said they are still at an early stage.
“However, considering how electronics have become an essential part of modern automobiles, we see this an area of opportunity,” Rajpal said.
New age infotainment systems, remote access, safety aspects like pedestrian safety are areas which the company is looking at, he added.
Hero Electronix is USD 5 billion Hero Group’s maiden venture into electronics and technology sector with presence in areas ranging from set top box manufacturing to providing semiconductor test engineering services.
Hero Electronix had clocked revenue of Rs 600 crore in 2016-17. It is looking at 20 per cent growth for the ongoing fiscal. The company and its group firms have a total investment outlay of Rs 1,000-1,200 crore till 2022.