Amber Group, a homegrown contract manufacturer for HVAC and consumer electronics, on Wednesday said it will acquire a majority stake in Ascent Circuit.
Financial details were not disclosed.
Bengaluru-based Ascent Circuit is a leading manufacturer of Printed Circuit Boards (PCBs) catering to various industries, including aerospace and defence.
"ILJIN Electronics (India), the material subsidiary of the company, has entered into 'definitive agreements' with Ascent Circuits on 02 January 2024, for acquiring a majority stake in the equity share capital of Ascent," Amber Enterprises India Ltd (AEIL)said in a regulatory filing.
AEIL is the listed entity of Amber Group.
This acquisition will help Amber to strengthen its electronic manufacturing portfolio by increasing its local value addition and backward integration into passive components of PCB Assemblies.
This is "in line with the group's strategy of strengthening backward integration for its electronics play into various applications such as aerospace & defence, medical, telecom, consumer electronics and automotive," it said.
On the cost of the deal, the company said its in "cash consideration" and "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."
Ascent Circuit's turnover in FY23 was Rs 278.46 crore.