Vedanta set to own 98.2% of display maker AvanStrate
India-based mining and electronics group Vedanta will acquire an additional 46.57% stake in Japan's AvanStrate Inc for $78.3 million. The transaction is expected to be completed by June 2024.
The move is evidence of Vedanta's lofty ambitions in the display space. In 2022, it announced plans to establish India’s first integrated fab for display glass and panels. At this point, it had already purchased a controlling stake in Tokyo-based AvanStrate, which produces glass substrates for Gen 4 to Gen 8 TFT LCD (thin-film-transistor liquid-crystal display) panels. These materials are primarily used in electronic devices such as televisions, laptops, smartphones, tablets, wearables, cars and medical equipment.
With this new acquisition, Vedanta's total holding in AvanStrate will rise to 98.2%. Vedanta says it now plans to leverage AvanStrate’s technology and manufacturing capabilities to establish its own display fabrication unit in Gujarat.
“As a wholly-owned subsidiary, AvanStrate will serve as a strategic asset for Vedanta as the conglomerate looks at playing a critical role in India’s journey towards becoming self-reliant in electronics manufacturing,” said Akarsh Hebbar, Global MD of AvanStrate Inc.
