Amber Enterprises Expands Electronics Footprint with Major Acquisition and Oppo Partnership

Amber Enterprises India Limited, a prominent player in the electronics manufacturing sector, is undertaking significant strategic maneuvers to broaden its business portfolio and solidify its position in the rapidly expanding electronics manufacturing services (EMS) landscape. The company's recent actions include a substantial increase in its stake in Printed Circuit Board (PCB) manufacturer Ascent Circuits Private Limited and a pivotal manufacturing collaboration with Oppo India for mobile phone production. These initiatives signal Amber Group's aggressive push to diversify beyond its traditional air conditioner (AC) components business and establish itself as a key player in India's broader electronics ecosystem.

Consolidating Control in PCB Manufacturing

Amber Enterprises, through its material subsidiary IL JIN Electronics (India) Private Limited, has substantially increased its shareholding in Ascent Circuits Private Limited. IL JIN has acquired an additional 38.50% equity stake in Ascent Circuits, bringing its total ownership to a commanding 98.50%. This significant transaction, valued at ₹336.75 crore, was executed through share purchase agreements signed with existing shareholders, including Mr. Manjunath Punyamurthy and family members, on June 18, 2026. The acquisition effectively grants Amber near-complete ownership and operational control over Ascent Circuits.

Ascent Circuits, incorporated in 1999, specializes in the manufacturing of various types of PCBs, including single-sided, double-sided, and multi-layer boards, which are critical components across a wide array of electronic applications. This strategic consolidation is aimed at strengthening IL JIN's position in the electronics sector, enhancing operational synergies, and streamlining governance across its subsidiaries. By securing a near-total stake, Amber aims to fully integrate Ascent's high-margin PCB manufacturing capabilities with its existing consumer electronics and mobile components businesses, reducing reliance on external suppliers and potentially improving cost efficiencies and quality control.

Coinciding with this acquisition, Mr. Manjunath Punyamurthy resigned from his position as Managing Director of Ascent Circuits Private Limited, effective from the close of business hours on June 18, 2026. This resignation aligns with the contractual covenants stipulated under the Share Purchase Agreement and marks a significant change in the leadership structure of Ascent.

Forging a Path into Mobile Phone Manufacturing with Oppo India

In parallel with its strengthened PCB capabilities, Amber Enterprises India Limited has entered into a crucial manufacturing collaboration agreement with Oppo Mobiles India Private Limited. This partnership represents a decisive foray by Amber Group into large-scale mobile phone manufacturing, diversifying its presence beyond traditional consumer durables and electronics components.

Under the terms of this manufacturing collaboration, Amber Group will produce smartphones for Oppo India's brand portfolio, which includes Oppo, OnePlus, and Realme, in the Indian market. Oppo India currently operates as a licensed manufacturer of smartphones for these three brands in the country. Amber Group is expected to leverage its existing manufacturing expertise, operational scale, domestic supplier network, and capabilities in enhancing local value addition to support this collaboration.

This partnership is anticipated to generate significant opportunities for operational synergies and reinforce Amber's position as a preferred entity for B2B manufacturing. It enables Amber to tap into India's rapidly growing smartphone production market, a segment that has seen increasing localization driven by government initiatives like Production-Linked Incentive (PLI) schemes and robust domestic demand. Jasbir Singh, Executive Chairman and CEO of Amber Enterprises India, emphasized that this collaboration underscores the company's strong manufacturing capabilities and its ability to deliver quality, reliability, scale, and higher value addition for globally recognized technology brands.

Both companies have expressed their commitment to working closely to ensure a phased ramp-up of manufacturing operations and to explore additional opportunities for future collaboration. This agreement is structured purely as a manufacturing collaboration and does not constitute a joint venture or strategic partnership between the two entities. Ernst & Young acted as the exclusive financial advisor for the transaction, with AZB & Partners and Aekom Legal providing legal advisory support.

These combined strategic moves—deepening control over essential component manufacturing through Ascent Circuits and entering the high-volume mobile phone assembly market with Oppo—underscore Amber Enterprises' ambition to transform into a comprehensive and vertically integrated electronics manufacturing services powerhouse in India, strategically positioning itself for sustained growth and market leadership in the broader electronics sector.