Naman Shah, Managing Director of Lesol City Limited

As global companies exit smaller India operations and non-core electronics businesses, Mumbai-based Lesol City Limited is quietly stitching together a larger “Make in India” manufacturing platform by acquiring distressed assets such as BAG Electronics India, Renesola’s consumer electronics business and rights to the Usha Shriram lighting brand, a strategy that has helped the company scale into a ₹138-crore electronics manufacturing player spanning EMS, EV electronics and industrial lighting.

Mumbai-based Lesol City Limited has bet its future on acquiring distressed and under-scaled electronics and lighting assets — including Germany-origin BAG Electronics India, Renesola’s consumer electronics business, rights to the Usha Shriram lighting brand and an Ahmedabad-based electronics design house — a strategy that has helped transform the company from a small bootstrapped lighting venture into a ₹138-crore electronics manufacturing platform spanning EMS, industrial lighting and EV electronics.

The company’s distressed-asset acquisition strategy, centred on buying legacy businesses and capabilities at deeply discounted valuations, has enabled it to scale rapidly while inheriting manufacturing systems, customer relationships and electronics know-how that would otherwise have taken years and significantly higher capital to build from scratch.

Founded by Naman Shah, Managing Director of Lesol City Limited, the company has invested over ₹40 crore into acquisitions, manufacturing infrastructure and electronics capability-building since inception and is now targeting revenue of ₹200–250 crore in FY26. Lesol aims to cross ₹1,000 crore in turnover over the next three to four years as it deepens its presence in automotive electronics, healthcare electronics, and consumer appliances, while also evaluating a potential IPO as part of its longer-term manufacturing expansion roadmap.

According to Shah, the company’s acquisition strategy was never focused purely on adding revenue, but on inheriting manufacturing capabilities, systems, customer relationships and technical know-how that would otherwise take years and significantly higher capital to build from scratch. “In many cases, the cost of shutting down these businesses was higher than selling them,” Shah told businessline.

EV electronics and localisation strategy

The next phase of Lesol’s expansion is centred around electronics manufacturing services (EMS), EV electronics and consumer-facing electrical products, areas the company believes can significantly increase both scale and margins.

A key focus area is the battery management systems (BMS) business, where Lesol has entered into a strategic alliance with a technology partner linked to Volkswagen Group’s battery ecosystem. Under the partnership, the company plans to manufacture BMS units for two- and three-wheelers at its Pune facility, with production capacity expected to scale to 40,000–50,000 units per month over time.

The company is investing around ₹5–10 crore in balancing equipment and capability development for the BMS and EV electronics business, while leveraging its existing electronics manufacturing infrastructure built through BAG Electronics.

Shah said India’s EV electronics ecosystem remains heavily import-dependent, especially in semiconductors and advanced electronics components, but believes localisation will deepen rapidly over the next few years.

“Today, most of the EV electronics ecosystem is still imported in some form. But over the next 12–24 months, India will have to build far greater localisation capabilities,” he said.

Manufacturing expansion and future growth

Beyond automotive electronics, Lesol is also expanding into healthcare electronics and industrial electronics manufacturing while widening its consumer-facing portfolio through brands such as Renesola and Usha Shriram.

The company currently operates manufacturing facilities in Pune and Umbergaon, Gujarat, and is developing a larger greenfield manufacturing facility in Umbergaon as part of its next capex cycle. Lesol plans to invest around ₹25 crore in FY27 toward manufacturing expansion, automation and backward integration.

Lesol began in 2017 as an energy-efficiency and lighting solutions venture before entering manufacturing during Covid-19 in 2020, initially supplying LED products to OEM customers such as Finolex.

Its biggest transformation came through the acquisition of BAG Electronics India, the Indian arm of a nearly century-old German electronics manufacturing business, which gave Lesol access to European-standard electronics manufacturing systems, PCB assembly capabilities and box-build infrastructure.

“The first time I visited the BAG plant, I realised the difference between building capacity and building capabilities,” Shah said.

Lesol later acquired Renesola’s consumer electronics business and secured rights to the Usha Shriram brand in the lighting category, helping it create a dual-engine structure spanning both OEM electronics manufacturing and consumer-facing electrical products.

The company is also evaluating further acquisitions, particularly businesses that can add design capabilities, manufacturing depth or access to new electronics product categories.

Published on May 27, 2026