IBEF: April 22, 2020
Ossify Industries, the brand licensee for Compaq smart televisions in India, has acquired a manufacturing facility in Kundli, Haryana, for around Rs 225 crore (US$ 32.19 million). It also plans to make an additional investment of Rs 210 crore (US$ 30.05 million) to upgrade the facility over the next 48 months. The production in plant is expected to begin by the end of 2022.
According to Mr Anand Dubey, CEO, Ossify Industries, said, “The acquisition of the manufacturing facility is a crucial step for us, as the company is embarking on its next phase of growth. This will help us immensely in fulfilling the projected domestic demand for Compaq. Equipped with cutting-edge technology for product design, development and testing, the new plant in Kundli will be rolling out a large volume of televisions annually.”
This acquisition will help the company to expand its Compaq TV business.
Mr Dubey said that amid the pandemic, the acquisition reflects the company’s long-term optimism about the TV industry, and resurgence of the economy from the current crisis.
“Ossify’s state-of-the-art manufacturing facility will primarily cater to the domestic and international business for Compaq televisions for which it holds licence for multiple countries and regions. However, a small percentage of the production may also serve the domestic and South Asia OEM/ODM business for some prominent TV brands,” the company added.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.