Transaction:
- ILJIN Electronics India Pvt. Ltd., a subsidiary of Amber Group, has raised Rs. 1,200 crore in growth capital from ChrysCapital and InCred Growth Partners Fund I.
- The investment includes Rs. 1,100 crore from ChrysCapital and Rs. 100 crore from InCred, structured through a mix of equity and compulsory convertible preference shares.
About ILJIN Electronics India Private Limited:
- Incorporated in 2001, ILJIN Electronics is the electronics and materials arm of Amber Group, specializing in the design and manufacture of bare PCBs, PCB assemblies, and box-build solutions across segments such as wearables, energy storage, solar inverters, EV charging, and power systems.
- The company operates six manufacturing facilities across India with a PCB capacity exceeding 2.4 million sq. meters annually, supported by over 3,000 employees, in-house R&D, and advanced testing infrastructure.
About ChrysCapital:
- The fund manages assets of over USD 5 billion across eight funds and has completed more than 100 investments across sectors including financial services, healthcare, technology, and manufacturing.
- Its portfolio includes companies such as Hero Fincorp, Mankind Pharma, Intas Pharmaceuticals, and L&T Finance.
Rationale:
- The capital infusion will be deployed towards capacity expansion, technology upgradation, and enhanced automation across ILJIN’s PCB and electronics assembly facilities.
- Funds will also support backward integration into key materials and high-layer PCB manufacturing to strengthen supply chain resilience and improve cost efficiencies.
- The transaction aligns with Amber Group’s strategy to diversify into high-growth adjacencies such as EV components, renewable energy systems, and industrial automation.
- The partnership with ChrysCapital and InCred will will enable ILJIN to scale operations and capture a larger share of domestic and export opportunities within the EMS industry.
- ILJIN reported revenue of Rs. 2,194 crore and operating EBITDA of Rs. 151 crore in FY25, registering a 52% CAGR between FY22 and FY25, driven by robust demand across automotive, air-conditioning, and consumer electronics segments.
- Earlier this year, Amber Group, through ILJIN, acquired controlling stakes in Power-One Micro Systems and Unitronics plc (Israel), expanding into Battery Energy Storage Systems (BESS), EV chargers, solar inverters, and industrial automation.
- According to a report, India’s electronics manufacturing services (EMS) market is projected to grow from USD 23 billion in FY25 to USD 80 billion by FY30, supported by the Production-Linked Incentive (PLI) scheme, import substitution, and export-led expansion.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
Disclaimer:
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