Amber Group to Acquire Majority Stake in Power-One Micro Systems
Amber Group
, a homegrown contract manufacturer for HVAC and consumer electronics, has entered into definitive agreements for acquiring majority stake in Bengaluru-based
Power-One Micro Systems
-based Power-One Micro Systems.
Power-One is a manufacturer of
solar inverters
,
uninterruptible power supplies
(UPS),
Battery Energy Storage Systems
(BESS),
EV chargers
and other power and energy solutions.
"The transaction will enable the Amber group to foray into a rapidly growing segment of energy solutions including Solar inverter (on grid, off grid and hybrid), BESS, UPS, solar power plants and EV chargers and augment the Industrial segment of the Electronics Division of the Company," the company said.
ILJIN Electronics India, a subsidiary of Amber Group, has entered into definitive agreements for taking a majority stake in PowerOne Micro Systems, which had a turnover of Rs 184.87 crore in FY'24. This deal will be on a "cash consideration." On valuation, Amber group said: "The acquisition of majority stake in the equity share capital of Power-One will be done at a mutually agreed value and will be disclosed separately post-closing."
"This transaction will provide a strong foothold for Amber's Electronic Division into the rapidly growing sector for Battery Energy Storage Systems (BESS), EV chargers, UPS and Solar inverter (on grid, off grid and hybrid) market," said Jasbir Singh, executive chairman and CEO of Amber Group.
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