Hyderabad-based MIC Electronics Ltd has announced that its Board has approved the acquisition of an 89.65% stake in Singapore-incorporated Neo Semi SG Pte Ltd for a total consideration of ₹357.60 crore.
Expanding into deep-tech and semiconductor ecosystem
Neo Semi operates in advanced technology domains including semiconductor IP, AI-driven energy logistics, IoT-enabled smart grids, climate resilience solutions, and circular electronics. The acquisition aligns with MIC Electronics’ strategic expansion into the broader electronics and semiconductor ecosystem.
Subsidiaries and strategic holdings
Neo Semi’s portfolio includes a 55% stake in RST Fuel Delivery Pvt Ltd, a wholly owned subsidiary Recellio Trading LLC, and an indirect 7.94% stake in Refit Global Pvt Ltd through Recellio.
Strategic fit and integration synergies
MIC Electronics, which operates in LED products, lighting, electronics assembly, and related technologies, expects strong backward integration benefits from Neo’s semiconductor IP capabilities and Recellio’s global sourcing network. These complement MIC’s domestic manufacturing strengths.
On the forward integration side, MIC’s deployment capabilities combined with Refit Global’s refurbishment and resale operations are expected to create a robust value chain.
Energy and sustainability synergies
The acquisition also brings lateral synergies through RST Fuel Delivery, enhancing energy security for remote and genset-dependent operations. The combined entity aims to build a closed-loop ecosystem in line with India’s semiconductor ambitions.
Deal structure and shareholding changes
Among the selling shareholders, Ebisu Global Opportunities Fund and Unico Global Opportunities Fund will each divest a 24.50% stake valued at ₹97.72 crore through a share swap arrangement.
Additionally, Summitbridge Trade & Investments Pte will sell a 30.65% stake for ₹122.25 crore in cash, while Tavas Advisory & Consulting FZE will offload a 10% stake for ₹39.88 crore.
Business restructuring move
Separately, the Board has approved the demerger of MIC Electronics’ lighting and medical & appliances division into MICK Digital India for a lump sum consideration of ₹8 crore