ChrysCapital, InCred invest in Amber subsidiary ILJIN Electronics

ILJIN Electronics India, a material subsidiary and Electronics division of Amber Group, raised Rs 1,200 Crore in strategic funding, from ChrysCapital and InCred Growth Partners Fund I (InCred PE), along with their respective affiliates, the company said on Sunday.

Homegrown fund ChrysCapital is leading this investment round, whereby they will invest Rs 1,100 crore and InCred PE will invest 100 crore in the form of equity shares and compulsory convertible preference shares.

This fund raise in ILJIN is the first external institutional capital raise, which will enable ILJIN to increase scale of its operations and enhance manufacturing capabilities while exploring strategic and targeted acquisitions to strengthen its market position, it said.

ILJIN Electronics, the Electronic Division of Amber Enterprise specializes in manufacturing bare printed circuit boards (PCB) and PCB assembly for industries such as consumer durables, automotive, telecom, healthcare, renewable energy, aerospace, and defense.

It also provides box build solutions for smart watches, router, Battery energy storage systems, solar inverters, EV charging solutions and UPS systems. ILJIN in FY25 reported revenues of Rs 2,194 crore with Rs 151 crore operating EBITDA, with revenues having grown at a CAGR of 52% from FY22-25, it said.

Jasbir Singh, Executive Chairman and CEO and Whole Time Director of Amber Group, said, “The Rs 1,200 crore fund raise will empower us to pursue both organic expansion and strategic inorganic opportunities, reinforcing our leadership in PCB and EMS solutions."

Amber Group via its subsidiary ILJIN recently announced acquisition of controlling stakes in Power-One Micro Systems, to enter into the rapidly growing sector for Battery Energy Storage Systems (BESS), EV chargers, UPS and Solar inverter (on grid, off grid and hybrid) market.

The Group has also signed definitive documents to acquire controlling stake in Unitronics plc, a prominent global player based out of Israel, offering comprehensive solutions in Industrial Automation and Control Systems such as PLCs, HMIs, PLCs with integrated HMIs, VFDs and others.

Raghav Ramdev, Managing Director, ChrysCapital said, “The EMS sector is poised for robust growth given multiple industry tailwinds including the recent ECMS scheme. ChrysCapital is very excited to partner with Amber Group, which has exhibited strong scale-up & execution complimented by accretive acquisitions in higher entry barrier segments."