Synopsis:
PG Electroplast partners with PAX India to manufacture POS devices in India, contributing to the Make in India initiative and entering the fintech hardware market.
A leading electronics manufacturer has entered the fintech hardware sector, by collaborating with a global payment solutions provider to manufacture POS devices in India, boosting local manufacturing and the country’s digital payment growth.
With the market capitalization of Rs. 15,422 crore, the shares of PG Electroplast Ltd were trading at Rs. 544 up by 0.67 percent from its previous day’s close price of Rs. 540.30 per equity share, and it has reached an intraday high of Rs. 573.75.
What’s the News?
PG Electroplast Limited (PGEL) has signed a definitive agreement with PAX India, a subsidiary of PAX Global Technology, to manufacture PAX-branded Point-of-Sale (POS) devices in India.
Production will begin by year-end at PGEL’s existing facilities, marking the company’s entry into the fintech hardware space and expanding its portfolio beyond consumer electronics into digital infrastructure solutions.
This collaboration boosts PAX India’s leadership by enhancing local manufacturing, efficiency, and scale, while supporting India’s “Make in India” and “Digital India” initiatives to supply secure, reliable POS devices domestically.
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Management Views
Mr. Vikas Gupta, Managing Director of PG Electroplast, stated that the partnership with PAX enables India-based manufacturing of advanced POS devices, diversifies PGEL’s portfolio, and strengthens its EMS presence in high-growth technology sectors as part of the Make in India initiative.
Mr. Sanjeev Sandhu, CEO of PAX India, stated that the partnership with PG Electroplast combines PAX’s technology with PGEL’s manufacturing expertise to provide reliable, locally manufactured POS solutions, thereby strengthening PAX’s presence in India’s rapidly growing digital payments market.
About the Company & Others
1. PG Electroplast Limited
PG Electroplast Limited (PGEL) is a leading provider of Electronic Manufacturing Services and contract manufacturing for major consumer electronics brands in India, with extensive plastic injection molding capacity and expertise in Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) products such as washing machines, ACs, air coolers, and LED TVs.
2. PAX India
PAX Global Technology, listed on HKEX, is a global leader in electronic payment solutions, offering Android smart POS, unattended devices, classic POS, and cloud-based platforms. Its subsidiary, PAX India, which was established in 2018, is the market leader in India, providing major banks and technology providers with solutions tailored to the local market.
Written by Akshay Sanghavi
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