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Hero Group-owned Mybox Tech sets ambitious STB manufacturing target

MUMBAI: After offloading majority
stake to the Hero Group, set-top box
(STB) manufacturer Mybox
Technologies has set an ambitious
target of selling 1.5 million boxes in
Hero has bought out electronics
manufacturer Dixon Technologies’
stake in Mybox and a portion of
Kharabanda family’s holding. The $5
billion Brijmohan Lall Munjal-led
Group has become the majority owner
of the company, while the
Kharabandas still retain a minority
Mybox Technologies executive director
Amit Kharabanda refused to divulge
information about shareholding
pattern of the company.
“It’s a majority acquisition. Dixon
Technologies, which was an equity
partner, is out. Hero Group has
bought out Dixon’s stake plus a little
bit of our stake,” Kharabanda said.
Backed by a company like Hero, Mybox
plans to scale up its volumes in the
coming years. The company is close to
selling two million STBs in the market.
“In this financial year, we are
planning to sell 1.5 million STBs and
maybe double that in the next fiscal,”
Kharabanda asserted.
“With a partner like Hero, which is a
reputed brand and has financial
strength, we want to give confidence
to Indian operators. Currently, they
are working with international
manufacturers who are very big.”
The company has set an ambitious
target largely due to the opportunity
in Phase III of digital addressable
system (DAS), which will require
nearly 39 million STBs. The company
saw decent demand for STBs from
Phase II while in Phase I it was not
“With digitisation, we see a whole new
market opening up, so STB is one key
area. We will add new verticals
later,” he added.
Mybox supplies STBs to Dish TV, In
Digital, Hathway and Siti Cable. “If
the operators partner with us, we can
do a much larger volume under the
‘Make in India’ initiative,” he
While cable TV and DTH businesses are
equally split, Kharabanda expects the
DTH side of the business to grow
Although Dixon has exited the
company as an equity partner, it will
continue to be a manufacturing
partner for the company along with
Jabil Electronics.
“Earlier, Dixon was our
manufacturing partner. Going
forward, we will make STBs with
Dixon. We have also tied up with Jabil
Electronics. These two are big players
and with them we can produce good
volumes of STBs,” he revealed.
Mybox does complete designing of the
product hardware and software. It
owns the IPR of the STBs. It works
with chip vendors like
“We are designing cable, satellite,
targeted advertising, SD as well as HD
STBs. Going forward, our volume of HD
STBs is going to be far bigger,” he
One major drawback for domestic STB
manufacturers has been the lack of
availability of vendor financing.
Kharabanda feels that with the
evolution of the market, a lot
financial institutions will come in.
The company will expand into newer
territories once it builds its India
business. “We want to cater to the
Indian market first and then expand
into other territories,” he said.
Marking its foray into the electronics
sector, the Hero Group has floated a
new company named Hero Electronix
and Suman Kant Munjal is made the
chairman. Mybox will form part of this
venture. Hero Electronix has an
investment plan of Rs 500 crore (Rs 5
billion) in the next few years.

Hero Group-owned Mybox Tech sets ambitious STB manufacturing target

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