Intel Capital, a venture capital arm of world’s largest memory-chip maker Intel Corp., is set to invest over Rs50 crore in Aftek Ltd.’s home-solutions company, Digihome Solutions Ltd.
Digihome Solutions, which started its operations last year, provides embedded technology solutions for security, automation and entertainment need of homes on WiFi platform. With the construction boom in India, there is around Rs1,000 crore annual market for such devices.
“Currently, Intel Capital is doing the due diligence of our company, and based on the valuation, it can buy up to 25% of company’s stake,” said Promod Broota, director, Aftek. Intel group has also partnered with Aftek to develop the embedded technology.
“The deal could be signed in eight weeks and we are expecting around Rs50 crore investment from Intel Capital,” said Chandrashekhar Raje, director, Digihome Solutions.
The company commissioned its plant in Uttarakhand in February 2006. “We started our active marketing only three months back,” said Raje.
Aftek has also announced a tie-up of its subsidiary Arexera Information Technologies AG with Germany-based data storage systems provider BDT AG. Under the arrangement, Arexera will provide its search technology for BDT’s new data storage device Gingcom Appliance.