Speciality chemicals company Jubilant Ingrevia Ltd has signed a binding agreement to acquire a 40% stake in Zettaone Technologies India Pvt Ltd, an electronics design and manufacturing company, for Rs 189.2 crore (about $19.8 million) in cash.
The Noida-based company’s board approved the deal at a meeting held on August 18, according to a regulatory filing. Once the deal is closed, Zettaone will become an associate company of Jubilant Ingrevia.
The transaction is structured in two tranches, with the first expected to close by November 2026 and the second by September 2027.
Deal rationale
Zettaone was founded by Harikrishnan Gopal, Sureshkumar Muthusamy, Prabu Murugan and Arunkumar Muthusamy roughly two decades ago. It offers end-to-end electronics product development — spanning R&D, design and prototyping through manufacturing, assembly and box-build — for aerospace, defence, semiconductor, automotive, medical and industrial customers.
Jubilant Ingrevia said the acquisition fits its “Pinnacle” growth strategy and gives it an entry point into Electronics Development and Manufacturing Services (EDMS), building on capabilities it has developed through its Contract Development and Manufacturing Organization (CDMO) business, serving pharmaceutical, agrochemical and semiconductor clients.
The company’s CEO, Deepak Jain, said the deal would anchor its electronics and semiconductor push by pairing Zettaone's high-speed and high-power printed circuit board (PCB) design expertise with Jubilant's manufacturing and customer relationships.
Zettaone’s revenue has nearly doubled over the past two fiscal years, rising to Rs 98.1 crore in FY26 from Rs 79.1 crore in FY25 and Rs 51.1 crore in FY24, according to the filing.
Jubilant Ingrevia, part of the Jubilant Bhartia Group, is a specialty chemicals and CDMO player with a portfolio of more than 130 products spanning pyridine and picolines, pyridine derivatives, acetic anhydride and Vitamin B3, among others.
The company operates more than 50 plants across six manufacturing facilities in India and employs over 2,300 people, serving pharmaceutical, nutrition, agrochemical, consumer, semiconductor and industrial customers globally.
