Amber Enterprises India Ltd., through its subsidiary, has acquired a 60% stake in printed circuit board-maker Ascent Circuits Pvt. for Rs 311 crore.
Following the acquisition, Ascent has become subsidiary of IL JIN Electronics (India) Pvt and a step down subsidiary of Amber Enterprises, according to an exchange filing.
Hosur, Tamil Nadu-based Ascent is involved in manufacturing of high-quality PCBs ranging from single-sided, double-sided, multi-layer, RF PCBs, flexible and specialty PCBs.
Amber designs and manufactures refrigeration and air conditioning products for indoor and outdoor units.
A PCB is an electronic assembly that uses copper conductors to create electrical connections between components. These are used in most electronic devices, like refrigerators and ACs.
Earlier this month, the company announced a tie-up with Titagarh Rail Systems Ltd. to enter train components and subsystems business in India and Italy.
Both TRSL and Amber Group, via unit Sidwal Refrigeration Industries Pvt, will invest up to Rs 120 crore each to acquire equal control in the SPV for setting up the new railway component business as well as fresh equity investment in Firema, Italy.
The Amber Group is a diversified B2B company having three business verticals: consumer durables, electronics (EMS) and railway subsystems and mobility.
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