Amber Group acquires 60% stake in circuit boards maker Ascent

Publicly-listed B2B electronic products manufacturing company Amber Enterprises has acquired a 60% stake in Hosur-headquartered Ascent Circuits Pvt Ltd for cash. The acquisition has been effected through ILJIN Electronics, a part of Amber Group company. The acquisition will help Amber strengthen its EMS portfolio by increasing its local value addition and backward integration into passive components of PCB assemblies. Ascent Circuits makes printed circuit boards for customers such as ISRO, BEL, BHEL. The company provides solutions for applications in Aerospace and Defence, Medicine, Energy, Automotive, Telecom, Data Centres, Consumer Electronics, IT and Lighting. It also exports products. Ascent's turnover in FY23 stood at INR 278.46 crore.