Amber to raise ₹1,200 crore for ILJIN Electronics from PE investors

ChrysCapital, Two Infinity, Raptor and InCred to invest in Amber Enterprises' subsidiary ILJIN Electronics through equity and CCPS to boost EMS and PCB manufacturing

Amber Enterprises will raise a total of ₹1,200 crore from private equity investors, including Chryscapital Fund, Two Infinity Partners, Raptor Investments and InCred Growth Partners Fund, through issuance of equity shares and compulsorily convertible preference shares in its subsidiary ILJIN Electronics. 

 

The funds raised will be used for organic and inorganic growth in the electronic manufacturing services segment of the company, the Gurugram-based group said in an exchange filing on BSE on Sunday.

 

Amber Enterprises has executed a shareholders’ agreement (SHA) and securities subscription agreement (SSA) or definitive transaction agreements with its subsidiary, a non-executive director and shareholder of ILJIN, and investors. Its current shareholding of 90.22 per cent in ILJIN will reduce post the transaction, it said. 

 

“Disclosure regarding the impact of the transaction, including changes in shareholding and subsidiary structure, shall be provided separately in due course, post conversion of CCPS and CCPS conversion will happen at mutually agreed price between the parties at the time of conversion,” the company said.

 

According to details, Raptor Investments Limited, Two Infinity Partners and Chryscapital Fund X will fund ₹1,100 crore, getting 38,414 equity shares and 16,51,768 CCPS, subject to terms and conditions of the agreements. Investors collectively shall have the right to nominate one non-executive director on ILJIN’s board. Meanwhile, Incred Growth Partners Fund I and Incred Wealth and Investment Services Private Limited will invest ₹100 crore and will get 1,53,653 CCPS. 

 

Business Standard had reported on August 8 that the company was in talks with private equity investors for stake sale in its subsidiary company ILJIN Electronics, while it may also look at public listing of the entity along with pre-IPO placements. 

 

The move will strengthen its play in the ₹50,000-60,000 crore PCB market, where it aims to take 10 per cent share as it looks to build a full stack of EMS offerings. 

 

 

The company began by making air conditioners — where it has a 27 per cent share of the $5-6 billion market — washing machines and refrigerators. It expanded to electronics manufacturing services in 2018 and developed backward integration into printed circuit board (PCB) manufacturing in 2021. It has made eight acquisitions so far, the latest being a 40.24 per cent stake in Israel’s Unitronics for over ₹400 crore.

 

Singh had told Business Standard that the company aimed to clock $1 billion revenues by 2029 and will continue to look for potential acquisition — mid-sized firms with synergy potential and strong promoter involvement, often addressing family succession transitions. The company also intends to venture into new areas of industrial applications, defence, railways signaling, and medical electronics, having added wearables manufacturing to its portfolio over last year.

 

Amber Enterprises’ revenue for the quarter ended June 30, 2025 was ₹2,467 crore, with net profit of ₹68.09 crore. Revenue for FY25 was ₹6,744 crore with net profit at ₹135.32 crore.