EconomyCompanies
Amber's electronics arm takes full control of circuit-board maker Ascent Circuits
IL JIN Electronics signed a ₹13.12 crore share swap on Sunday for the last 1.5% of the Bengaluru company, which makes printed circuit boards for defence, cars and telecom.
Key points
- IL JIN will buy the remaining 1.50% of Ascent Circuits from its last outside shareholder.
- It will pay in preference shares, not cash, in a deal worth ₹13.12 crore.
- Ascent's turnover rose to ₹401.87 crore in 2025-26 from ₹325.17 crore a year earlier.
Amber Enterprises India, the contract manufacturer best known for making air conditioners for big brands, has moved to take full ownership of Ascent Circuits, a Bengaluru maker of printed circuit boards.
IL JIN Electronics (India), one of its main subsidiaries, signed a share swap agreement on Sunday to buy the remaining 1.50% of Ascent from Manju Thomas, the company said in a filing to the stock exchanges. IL JIN already holds 98.50%.
IL JIN will acquire 23,401 equity shares and pay for them not in cash but by issuing 13,120 compulsorily convertible preference shares at ₹10,000 each, which values the deal at ₹13.12 crore. The transaction is expected to close within 10 business days. Ascent will then become a wholly owned subsidiary of IL JIN and a step-down subsidiary of Amber.
Amber said the purchase would give it complete ownership and control, simplify the holding structure and complete the integration of Ascent through what it called a “cash-efficient share swap mechanism”.
A growing circuit-board business
Ascent was set up in 1999 and makes single-sided, double-sided, multi-layer and radio-frequency circuit boards. Its customers are in aerospace and defence, cars, telecommunications and consumer electronics, and it exports around the world.
The business has been growing quickly. Its turnover rose to ₹401.87 crore in 2025-26 from ₹325.17 crore the year before and ₹263.20 crore in 2023-24.
The deal is small for a company of Amber’s size, but it removes the last outside shareholder from a fast-growing part of its electronics business. Amber’s shares will trade on the news when markets open on Monday.