Home-grown B2B electronic manufacturing company, the Amber Group, on Wednesday said it has entered into a definitive agreement to acquire 60 per cent stake in Ascent Circuits Pvt Ltd. The acquisition has been affected through ILJIN Electronics, a part of Amber Group company.
The company said this acquisition will be done for “cash consideration”. “Acquisition of majority stake in the equity share capital of Ascent will be done at a mutually agreed pre-money enterprises valuation and will be disclosed separately post closing,” it added in a BSE filing.
Ascent’s turnover in FY23 stood at ₹278.46 crore.
South-India based Ascent Circuits, is a leading player engaged in the manufacturing of printed Circuit Boards (Single-sided, double-sided, multi-layered and RF PCB) catering to marquee customers such as ISRO, BEL, BHEL, Automotive, Telecom, Consumer Electronics clients both multinational and domestic. The company provides solutions for various applications such as Aerospace and Defence, Medical, Energy Solutions, Automotive, Telecom, Data Centres, Consumer Electronics, IT, Lighting etc. The company also exports its products to global markets.
“This acquisition will help Amber strengthen its EMS portfolio by increasing its local value addition and backward integration into passive components of PCB Assemblies. This is in sync with the ‘Make in India’ and ‘Atmanirbhar Bharat’ vision of the government of India and is in line with the group’s strategy of strengthening backward integration for its electronics (EMS) play into various applications such as Aerospace and Defence, Medical, Telecom, Consumer Electronics and Automotive,” the company said in a statement.
Expansion plans
The company said it plans to expand its portfolio in the electronics (EMS) space by further strengthening its R&D and PCBA manufacturing capabilities through backward integration of Bare PCB Boards.
“This uniquely positions Amber as a leading player in the electronics EMS space even as the sector is poised for double-digit growth in FY’25 and beyond,” the statement added.
The Amber Group, a diversified manufacturing major operates across three business verticals spanning consumer durables, EMS and Railway subsystems and mobility.
It delivers solutions in telecom, automotive, smart energy meters, consumer electronics and appliances, hearables and wearables. Another important vertical for the group pertains to Railway sub systems and mobility.
Amber provides integrated solutions to rolling stock customers for HVAC, Doors, Gangways, and Pantry Systems catering to the mobility sector, namely Indian Railways, Metro, RRTS and also buses. Besides this, it also provides solutions in the segment of Defence.