Amber Enterprises’ subsidiary ILJIN Electronics (I) Pvt Ltd is set to acquire the majority stake in Powerone Micro Systems. This strategic acquisition signals the entry of Amber Group into clean energy and power solutions.
PowerOne specialises in the manufacturing of solar inverters, Battery Energy Storage Systems (BESS), EV chargers, and many more solutions in the power and energy sector.
PowerOne also has an estimated turnover of Rs 184 crore in the fiscal year 2024. The Executive Chairman and CEO of Abmer Group, Jasbir Singh, expressed confidence in the acquisition: “This transaction will provide a strong foothold for Amber’s Electronic Division in the rapidly growing sector for Battery Energy Storage Systems (BESS), EV chargers, UPS and Solar inverter (on grid, off grid and hybrid) market.”
This acquisition is expected to scale the sales, accelerate product development, and also diversify Amber’s offerings in the electronics sector. The market also responded positively to the acquisition news, soaring the stock price by about 4%.
The global demand for clean energy is rising every year, as people are leaning towards more sustainable alternatives. Therefore, this strategic move will benefit the Amber Group’s position in India’s clean-tech industry with a broader market reach and playing a significant role in empowering the future.
