ILJIN Electronics (India) Pvt Ltd, a subsidiary of Amber Group, has secured a total capital infusion of ₹1,200 crore from ChrysCapital and InCred Growth Partners, signaling a strong vote of confidence in India’s expanding electronics manufacturing services (EMS) ecosystem. ChrysCapital will contribute ₹1,100 crore, while InCred PE will invest ₹100 crore through equity and compulsory convertible preference shares, pending regulatory approvals.
The fresh capital will be strategically deployed to expand manufacturing capacity, enhance technology capabilities, and fund targeted acquisitions within India’s growing EMS sector.
ILJIN Electronics: Company Overview and Product Focus
ILJIN Electronics manufactures bare printed circuit boards (PCBs) and PCB assemblies, serving diverse sectors including:
- Consumer durables
- Automotive
- Telecom
- Healthcare
- Aerospace and defence
- Renewable energy
The company also offers box-build solutions, battery energy storage systems (BESS), EV chargers, UPS systems, and solar inverters, making it a versatile player in the high-tech electronics manufacturing domain.
In FY25, ILJIN reported:
- Revenue: ₹2,194 crore
- Operating EBITDA: ₹151 crore
- Revenue CAGR: 52% between FY22 and FY25
Amber Group, ILJIN’s parent, has additionally pursued government incentives under the Electronic Components Manufacturing Scheme (ECMS) and expanded its footprint through acquisitions such as Power-One Micro Systems and a stake in Israel-based Unitronics plc.
Strategic Rationale for the Investment
The funding aligns with India’s broader push to localize electronics manufacturing, reduce reliance on imports, and strengthen domestic supply chains. Key objectives include:
- Scaling Manufacturing Capacity: To meet rising domestic and export demand.
- Technology Enhancement: To improve product offerings in advanced electronics and EV solutions.
- Targeted Acquisitions: To accelerate growth and consolidate presence in high-demand EMS segments.
This positions ILJIN to capture opportunities arising from import substitution, EV adoption, renewable energy expansion, and consumer electronics growth.
Industry Outlook: India’s EMS Market
India’s EMS market is poised for robust expansion, projected to reach $80 billion over the next five years, driven by:
- Rising domestic demand for electronics and EV components
- Supply chain diversification away from China
- Increased government incentives and policy support
Structural tailwinds further support growth:
- Energy Transition & Renewable Energy: India added 30 GW of clean energy capacity in FY24–25, with solar installations surpassing 105 GW toward the 2030 target of 500 GW.
- Battery Energy Storage Systems (BESS): Tenders rose to 12.8 GWh with a projected requirement of 411 GWh by 2032.
- Lithium-Ion Battery Demand: Expected to grow 48% by 2030, powered by EVs, consumer electronics, and stationary storage solutions.
Electronics imports, at $8.4 billion in June 2025, remain the second-largest import item after crude oil, highlighting the critical need for domestic capacity-building.
Strategic Implications
This investment enables ILJIN to:
- Strengthen its market leadership in India’s EMS ecosystem
- Accelerate technology adoption in high-demand segments such as EVs and renewable energy
- Expand manufacturing scale and operational footprint
- Capture the growing domestic and global demand for electronics and battery storage solutions
By leveraging the combined expertise of ChrysCapital and InCred Growth Partners, ILJIN is well-positioned to become a key enabler of India’s electronics manufacturing ambitions.
Summary
ChrysCapital’s ₹1,100 crore investment in ILJIN Electronics, alongside InCred’s ₹100 crore infusion, underscores confidence in India’s burgeoning EMS market. The funding will support capacity expansion, technology upgrades, and strategic acquisitions, enabling ILJIN to capitalize on the surging demand in consumer electronics, EVs, and renewable energy sectors. With India aggressively pursuing localization, import substitution, and clean energy growth, ILJIN is set to play a pivotal role in the country’s electronics manufacturing ecosystem, bolstering both domestic capabilities and global competitiveness.
Disclaimer:
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