ILJIN Electronics Raises $144M in India's Biggest Manufacturing PE Deal to Boost Electronics Production
- India Startup Review
- 20 Sep, 2025
ILJIN Electronics India, the electronics division of Amber Group, has secured ₹1,200 crore ($144 million) in strategic funding from leading private equity investors ChrysCapital and InCred Growth Partners, representing India's largest manufacturing sector PE deal in 2025.
The Greater Noida-based company, founded in 2001 by Jasbir Singh, specializes in manufacturing printed circuit boards (PCBs) and electronic manufacturing services across consumer durables, automotive, defense, and renewable energy sectors. The company's "box build" solutions power everyday products including smartwatches, routers, solar inverters, EV charging units, and battery storage systems.
Market-Leading Growth Trajectory
ILJIN's impressive financial performance justifies investor confidence. The company reported revenues of ₹2,194 crore in FY25 with operating EBITDA of ₹151 crore, achieving a remarkable 52% CAGR from FY22-25. This funding marks ILJIN's first external institutional capital raise, positioning it for aggressive scaling.
ChrysCapital leads the investment round with ₹1,100 crore, while InCred PE contributes ₹100 crore through equity shares and compulsory convertible preference shares. The transaction awaits regulatory approval.
Strategic Expansion Under Atmanirbhar Vision
The fresh capital will enable ILJIN to expand manufacturing capabilities, pursue strategic acquisitions, and deploy advanced technology infrastructure. This investment directly aligns with India's 'Aatmanirbhar' vision for electronics self-reliance under the Production Linked Incentive (PLI) scheme and Electronics Components Manufacturing Scheme (ECMS).
Recently, Amber Group through ILJIN acquired controlling stakes in Power-One Micro Systems to expand into Battery Energy Storage Systems (BESS), EV chargers, UPS, and solar inverter markets. The group has also signed definitive documents to acquire Unitronics plc, an Israeli industrial automation player.
Industry Impact and Market Positioning
"The EMS sector is poised for robust growth given multiple industry tailwinds including the recent ECMS scheme," said Raghav Ramdev, Managing Director at ChrysCapital. The investment validates India's emergence as a global electronics manufacturing hub, competing with established players like Dixon Technologies and Syrma SGS Technology.
ILJIN operates within Amber Group's pan-India network of 31 plants across Chennai, Hosur, Bengaluru, and Hyderabad, providing comprehensive electronics manufacturing services to India's fastest-growing technology sectors.
Internal Links:
· Indian Electronics Manufacturing Trends 2025
· PLI Scheme Success Stories in India
· Private Equity Deals in Indian Manufacturing
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