New Delhi, Jan 3 (PTI) Amber Group, a homegrown contract manufacturer for HVAC and consumer electronics, on Wednesday said it will acquire a majority stake in Ascent Circuit.

Financial details were not disclosed.

Also Read | RPF Recruitment 2024: Notification Released For 2,250 Constable and SI Posts; Know Age Limit, Educational Qualification and Other Details.

Bengaluru-based Ascent Circuit is a leading manufacturer of Printed Circuit Boards (PCBs) catering to various industries, including aerospace and defence.

"ILJIN Electronics (India), the material subsidiary of the company, has entered into 'definitive agreements' with Ascent Circuits on 02 January 2024, for acquiring a majority stake in the equity share capital of Ascent," Amber Enterprises India Ltd (AEIL)said in a regulatory filing.

Also Read | GATE 2024 Admit Card for Graduate Aptitude Test in Engineering Examination Likely To Be Released Today at gate2024.iisc.ac.in, Know How To Download.

AEIL is the listed entity of Amber Group.

This acquisition will help Amber to strengthen its electronic manufacturing portfolio by increasing its local value addition and backward integration into passive components of PCB Assemblies.

This is "in line with the group's strategy of strengthening backward integration for its electronics play into various applications such as aerospace & defence, medical, telecom, consumer electronics and automotive," it said.

On the cost of the deal, the company said its in "cash consideration" and "acquisition of majority stake in the equity share capital of Ascent will be done at a mutually agreed pre-money enterprises valuation and will be disclosed separately post-closing."

Ascent Circuit's turnover in FY23 was Rs 278.46 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)