Vedanta Ltd. on Wednesday said its display glass business is expected to grow 10-fold, following the consolidation of its holding in AvanStrate Inc.
Vedanta Ltd, in May this year, announced the acquisition of an additional 46.57% stake in AvanStrate Inc, taking its total holding in the Japanese display glass manufacturer to about 98%.
ASI is now fully managed and controlled by Vedanta Ltd. and free from any external debt, according to a release.
"Vedanta Limited announced that the display glass business is set to grow 10x after consolidating its holding in AvanStrate Inc., a Japanese display glass manufacturer, to 98%, following the acquisition of 46.57% equity from Hoya Corporation,' the release said.
According to the release, ASI is set to drive innovation and expansion, focusing on the future of high-tech display and glass substrate manufacturing.
ASI, the release further said, is well-positioned to strengthen its role in the global electronics and display industry by enhancing its R&D capabilities, developing advanced technologies and expanding its production capacity to meet increasing global demand.
"With production facilities in Taiwan and Korea, and R&D and headquarters in Tokyo, Japan, AvanStrate Inc. has long been recognised for its cutting-edge production grade Gen 4 to Gen 8 TFT LCD (thin-film-transistor liquid-crystal display) glass substrates, which are integral to the production of electronic displays used in televisions, smartphones, tablets, laptops, and wearables," the release said, adding that with an over 700 patents AvanStrate has established itself as a global leader in display technology.
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