India’s Amber Group acquires ‘controlling stake’ in Unitronics
Amber Group's subsidiary ILJIN Electronics India has entered into a definitive agreement to acquire approximately 40.24% of the issued and outstanding share capital of Unitronics.
India’s Amber Group, a contract manufacturer for consumer durables and electronics, has announced that it is acquiring a controlling stake in Israel-based industrial automation and control systems firm Unitronics for over INR 4 billion (about USD 45 million) in an all-cash deal, according to a report by Indian news agency PTI.
Amber Group's subsidiary ILJIN Electronics India has entered into a definitive agreement to acquire approximately 40.24% of the issued and outstanding share capital of Unitronics, according to a regulatory filing from Amber Enterprises India, the PTI report said.
ILJIN together with Unitronics Joint Chairman Haim Shani, will have approximately 45.13% controlling stake in Unitronics.
“This strategic move marks a significant expansion for ILJIN, Amber's Electronic Division, as it broadens its portfolio from consumer durables, hearable and wearable, telecom, automotive, energy meters, and defence into the industrial electronics segment with global access,” Amber Group Executive Chairman and CEO Jasbir Singh said.
“Driven by a shared vision, this collaboration aims to unlock powerful synergies and scale the business to new heights,” said Unitronics Joint Chairman Haim Shani. “By joining forces, we intend to accelerate growth, enhance capabilities, and create lasting value for all stakeholders, including our team, partners, and customers.”
Founded in 1989, Unitronics designs, produces and markets advanced hardware, software, and IIoT solutions that automate hundreds of thousands of installations worldwide, the company’s website says.