Amber’s Subsidiary ILJIN Electronics Secures ₹1,200 Crore from Top PE Investors

In a significant development for India’s burgeoning electronics manufacturing sector, ILJIN Electronics India, a key subsidiary of the Amber Group, has successfully raised ₹1,200 crore from a consortium of private equity (PE) investors. The funding round was led by ChrysCapital, a leading PE firm in India, which is investing ₹1,100 crore, with InCred Growth Partners Fund I (InCred PE) contributing the remaining ₹100 crore. This marks the first external institutional capital raise for ILJIN Electronics and is a major step towards bolstering its operational scale, manufacturing capabilities, and market leadership in the electronics manufacturing services (EMS) space.

Strategic Vision and Growth Trajectory

The capital infusion will be used to fuel both organic expansion and strategic acquisitions, according to a company statement. Amber Group’s Executive Chairman and CEO, Jasbir Singh, stated that the fundraise validates ILJIN’s strong position in the EMS market and will empower the company to reinforce its leadership in Printed Circuit Board (PCB) and EMS solutions. This move aligns with India’s “Aatmanirbhar” (self-reliant) vision for electronics, and the company plans to deploy the capital towards advanced facilities, cutting-edge technology, and talent acquisition.

ILJIN Electronics specializes in manufacturing bare PCBs and PCB assemblies, catering to a diverse range of industries including consumer durables, automotive, telecom, healthcare, and renewable energy. The company also provides box-build solutions for products like smartwatches, routers, and increasingly, high-growth segments such as Battery Energy Storage Systems (BESS), EV chargers, solar inverters, and UPS systems.

Impressive Financial Performance

ILJIN’s robust business performance has made it an attractive investment target. In the fiscal year 2025, the company reported revenues of ₹2,194 crore with an operating EBITDA of ₹151 crore, showcasing a remarkable compound annual growth rate (CAGR) of 52% from FY22 to FY25. This strong financial track record, combined with the favorable market tailwinds in the Indian electronics sector, has positioned ILJIN for accelerated growth.

India’s EMS Market: A Hotbed for Investment

The investment comes at a time when India’s electronics manufacturing services market is witnessing a significant boom, driven by government initiatives such as the Production Linked Incentive (PLI) scheme and the Electronics Components Manufacturing Scheme (ECMS). These programs aim to boost domestic manufacturing, reduce reliance on imports, and position India as a global electronics hub.

ILJIN has been actively capitalizing on this trend. The Amber Group has already made applications under the ECMS for two projects totaling ₹4,190 crore, focusing on multi-layer and high-density interface PCBs. The company has also been on an acquisition spree, recently announcing the acquisition of controlling stakes in Power-One Micro Systems and Israel-based Unitronics plc, to expand its footprint in key sectors like BESS, EV charging, and industrial automation.

Raghav Ramdev, Managing Director at ChrysCapital, expressed excitement about the partnership, noting that the EMS sector is poised for robust growth. He highlighted Amber Group’s strong scale-up, execution, and strategic acquisitions in higher-entry-barrier segments as key factors in the investment decision.

This strategic funding from prominent private equity investors will not only provide ILJIN Electronics with the financial muscle to scale its operations but also reinforce its position as a key player in India’s journey towards self-reliance in the global electronics supply chain.