Amber’s unit will acquire this majority stake for a cash consideration, which has not been disclosed by the company.
The Bengaluru-based company offers comprehensive solutions of battery energy storage systems (BESS), solar inverters, EV charges and UPS, Amber Enterprises said.
It said Power-One serves diverse customers, with over 7 lakh products sold across key segments including industrial, residential, data centres, heavy engineering, defence, railways and airports.
IL JIN’s extensive experience in electronic manufacturing services, operational excellence, pan-India manufacturing footprint and research and development capability will catalyse Power-One to expand its capabilities, accelerate product innovation and strengthen its passion in BESS, solar inverters, EV chargers, UPS and solar power plants, the company added.
“This transaction will provide a strong foothold for Amber’s electronic division into the rapidly growing sector for battery BES, EV chargers, UPS and Solar inverter (on grid, off grid and hybrid) market,” Jasbir Singh, the executive chairman and CEO of Amber Group, said.
Power-One promoters Rajesh and Harsha said by joining forces, the company aims to accelerate growth, enhance capabilities and create lasting value for all stakeholders.
Shares of Amber Enterprises ended the previous session 1.05% up at ₹6,858 apiece. It has declined 10.6% this year, so far.
