Listed homegrown business-to-business electronic manufacturing services provider Amber Enterprises’ Iljin Electronics has acquired 60% stake in printed circuit board maker Ascent Circuits for an undisclosed sum.
The acquisition will be done at mutually agreed pre-money enterprise valuation and will be disclosed post closing, Amber said in a statement filed with exchanges.
Southern India-based Ascent Circuits manufactures various types of printed circuit boards (PCBs). Its clientele includes ISRO, BEL, and BHEL, as well as several domestic and global automotive, telecom, and consumer electronics companies.
It reported a 23.2% rise in its total revenue for the financial year ended 2023, to Rs 278.5 crore from Rs 226.1 crore in the fiscal before. Its total revenue stood at Rs 150.2 crore in FY21.
With this acquisition, Amber is planning to expand its portfolio in the electronics space by focussing on its research & development (R&D) and PCB assembly manufacturing capabilities through backward integration.
“The acquisition is in line with the group’s strategy of strengthening backward integration for its electronics play into various applications such as aerospace and defence, medical, telecom, consumer electronics and automotive,” Amber said in the statement.
Amber Group is a diversified manufacturing major that operates across three business verticals spanning consumer durables, electronics and railway subsystems and mobility. Its consumer durables vertical comprises room AC finished goods, room AC components including motors and non-room AC components.
It raised Rs 113 crore ($13.7 million in August last year) from Singapore’s sovereign wealth fund GIC. The bet would give GIC an approximate 1.2% stake in the manufacturer, back-of-the-envelope calculations showed.
Shares of Amber Enterprises ended Wednesday’s trading session with mild gains of 0.2% at Rs 3,111.25 apiece, on the Bombay Stock Exchange.
