Amber Group buys 60% stake in Ascent Circuits
India's Amber Group has acquired a majority share of printed circuit board firm Ascent in a bid to strengthen its electronic manufacturing services (EMS) portfolio.
Amber currently operates across three business verticals: EMS, consumer durables and railway subsystems/mobility. Its EMS unit targets telecom, automotive, smart energy meters, appliances, hearables and wearables. Meanwhile, Ascent makes PCBs (single-sided, double-sided, multi-layered and RF PCB) for applications in multiple verticals all over the world.
With this purchase, Amber believes it can further localise its manufacturing and achieve "backward integration into passive components of PCB assemblies". It purchased 60% of its target via its wholly-owned subsidiary ILJIN Electronics.
“This is in sync with the ‘Make in India’ and ‘Atmanirbhar Bharat’ vision of the Government of India and is in line with the group’s strategy of strengthening backward integration for its electronics (EMS) play into various applications such as aerospace & defence, medical, telecom, consumer electronics and automotive,” the company said in a statement.