Feb 17: MIC Electronics Limited has entered into a Memorandum of Understanding (MoU) with Refit Global Private Limited as part of its strategic evaluation of entry into the refurbished and circular electronics segment as a potential new growth vertical.
The engagement has progressed to the signing of a term sheet, with valuation discussions concluded and due diligence in the final stages. The proposed transaction, if consummated, would mark MIC Electronics’ calibrated expansion into a high-growth, sustainability-aligned segment, while maintaining financial discipline, governance oversight, and regulatory compliance.
At this stage of its evolution, MIC Electronics is focused on diversifying revenue streams beyond traditional project-led infrastructure businesses, leveraging its manufacturing, testing, and supply-chain capabilities for adjacent electronics lifecycle opportunities, and building scalable, repeatable business models aligned with long-term value creation.
The refurbished and circular electronics space aligns closely with MIC Electronics’ long-term strategic vision by extending participation across the electronics value chain beyond first-cycle manufacturing, supporting circular economy principles, enabling broader digital inclusion through affordable access to technology, and leveraging existing strengths in electronics assembly, testing, refurbishment, and quality assurance.
The scope of evaluation under the MoU spans consumer electronics, enterprise and institutional devices, platform and supply-chain integration, as well as domestic and cross-border market opportunities. At a high level, the engagement is assessing refurbishment and resale models, managed device lifecycle and asset recovery programs, platform-led distribution of refurbished electronics, reverse logistics and compliance-driven refurbishment processes, and export-oriented refurbished electronics supply chains, with a focus on scalable and compliant operating models.
Refit Global Private Limited brings experience in refurbished electronics sourcing, testing, grading, and multi-channel distribution, along with an understanding of circular supply chains across consumer and enterprise segments. MIC Electronics contributes established electronics manufacturing and SMT infrastructure, strong quality and governance frameworks, large-scale assembly and testing expertise, and institutional and government market access. Together, the parties are evaluating integrated models spanning refurbishment, testing, compliance, and distribution.
Commenting on the development, Rakshit Mathur, CEO, MIC Electronics Limited, said:
“This engagement marks a meaningful step in MIC Electronics’ strategic evaluation of future-ready, scalable growth opportunities. The refurbished and circular electronics segment offers strong long-term potential, and our discussions with Refit Global allow us to assess capital-efficient structures that combine sustainability, technology capability, and disciplined value creation for stakeholders.”
Following execution of the term sheet, the next steps include completion of final-stage due diligence, confirmation of transaction structure, assessment of operational and regulatory readiness, and completion of internal approvals and definitive documentation. No binding commitments will be concluded until all conditions precedent, approvals, and regulatory requirements are satisfied.
The refurbished electronics market is witnessing strong growth in India and globally, driven by shorter device replacement cycles, rising demand for affordable technology, ESG-led procurement practices, and increased regulatory focus on responsible e-waste management. Circular economy models are increasingly being embedded within electronics manufacturing and lifecycle management, with greater emphasis on refurbishment, reuse, and responsible recycling.
The proposed transaction aligns with sustainability and ESG objectives through extension of device lifecycles, reduction in electronic waste, improved resource efficiency, and promotion of affordable digital access. At this stage, ESG outcomes are being evaluated qualitatively, without disclosure of specific metrics.
From a strategic and capital perspective, MIC Electronics views this opportunity as asset-light and platform-led, with selective manufacturing and supply-chain integration, and a clear focus on long-term value creation, subject to due diligence and final approvals.
The transaction is being advised by Bestvantage Mergerbay, the strategic advisory arm of Bestvantage Investments.