Amber Enterprises acquires Majority Stake in Ascent Circuits
GURGAON, INDIA – Indian EMS provider Amber Enterprises, through its subsidiary Iljin Electronics, has acquired a 60% stake in PCB 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' clients include 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 prior year.
With this acquisition, Amber is planning to expand its portfolio in the electronics space by focusing on its R&D and PCB assembly manufacturing capabilities through backward integration, the company said.
"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 defense, medical, telecom, consumer electronics and automotive," Amber said.
