MIC Electronics Limited has signed a Memorandum of Understanding (MoU) with Refit Global Private Limited to strategically evaluate entry into the circular electronics segment as a potential new growth vertical aligned with sustainability and lifecycle technology services.
The collaboration has progressed to the signing of a term sheet, with valuation discussions completed and due diligence currently in its final stages.
If consummated, the proposed transaction would represent MIC Electronics’ calibrated expansion into the circular electronics market 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.
The company aims to leverage its manufacturing, testing, and supply-chain capabilities to build scalable and repeatable business models in circular electronics, aligned with long-term value creation.
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The circular electronics opportunity aligns with MIC Electronics’ long-term strategic vision by extending participation across the electronics value chain beyond first-cycle manufacturing.
The initiative supports circular economy principles, promotes digital inclusion through affordable access to technology, and builds on the company’s strengths in electronics assembly, testing, refurbishment, and quality assurance within the circular electronics ecosystem.
Under the MoU, the evaluation scope in circular electronics spans consumer electronics, enterprise and institutional devices, platform and supply-chain integration, and domestic as well as cross-border opportunities.
The engagement includes assessment of 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 supply chains connected to circular electronics.
Refit Global Private Limited brings experience in refurbished electronics sourcing, testing, grading, and multi-channel distribution, along with knowledge of circular supply chains across consumer and enterprise segments.
MIC Electronics contributes established electronics manufacturing and SMT infrastructure, strong governance frameworks, large-scale assembly and testing expertise, and institutional and government market access to strengthen the circular electronics evaluation.
Circular Electronics: Strategic Evaluation of Future-Ready, Scalable Growth Opportunities
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.
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The circular electronics market is witnessing strong growth in India and globally, driven by shorter device replacement cycles, increasing demand for affordable technology, ESG-led procurement practices, and growing regulatory focus on responsible e-waste management.
Circular economy models are increasingly embedded within electronics manufacturing and lifecycle management, reinforcing the relevance of Circular Electronics.
The proposed transaction supports sustainability and ESG objectives by extending device lifecycles, reducing electronic waste, improving resource efficiency, and promoting affordable digital access through Circular Electronics initiatives.
ESG outcomes are currently being evaluated qualitatively without disclosure of specific metrics.
From a strategic and capital perspective, MIC Electronics views the opportunity as asset-light and platform-led, supported by selective manufacturing and supply-chain integration and a 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, in connection with the Circular Electronics evaluation.
