India's Amber subsidiary Iljin Electronics raises $144m

Iljin Electronics, an Indian electronics manufacturing services company and subsidiary of Amber Group, has secured 1,200 crore rupees (US$144 million) in its first external institutional funding round from ChrysCapital and InCred Growth Partners Fund I.

ChrysCapital will invest 1,100 crore rupees (US$132 million), while InCred PE is set to contribute 100 crore rupees (US$12 million), using a mix of equity and compulsory convertible preference shares.

The deal is pending regulatory approval.

Iljin manufactures printed circuit boards, assemblies, and box-build solutions for industries such as consumer durables, automotive, telecom, renewable energy, healthcare, aerospace, and defense.

The company also produces products including battery energy storage systems, EV chargers, solar inverters, and UPS systems.

🔗 Source: YourStory

🧠 Food for thought

Implications, context, and why it matters.

Government incentives create compelling investment opportunities in India’s EMS sector

ILJIN’s funding comes amid a broader transformation of India’s electronics manufacturing, supported by government schemes that have already attracted ₹1.61 lakh crore in investments and generated production worth ₹14 lakh crore 2.
The Production Linked Incentive (PLI) scheme has created over 11.5 lakh jobs and facilitated exports surpassing ₹5.31 lakh crore, demonstrating the tangible impact of policy support on the sector 2.
India’s electronic production is projected to reach ₹27.7 lakh crore by FY28, creating a substantial addressable market for EMS companies like ILJIN 3.
The EMS market specifically is expected to reach $80 billion in the next five years, driven by rising consumption and government support for domestic manufacturing 4.
ILJIN’s parent company Amber Group has already applied for government incentives under the Electronic Components Manufacturing Scheme, positioning itself to benefit from these policy tailwinds 5.

Private equity sees strong returns potential in India’s manufacturing revival

ChrysCapital’s ₹1,100 crore investment in ILJIN follows their successful track record with Indian companies, including Intas Pharma where they sold a 3% stake for ₹690 crore after initially investing ₹50 crore in 2005 6.
ILJIN’s impressive financial performance, reporting revenues of ₹2,194 crore in FY25 with a 52% revenue CAGR from FY22 to FY25, demonstrates the type of growth that attracts institutional investors 1.
The investment targets expansion of manufacturing capacity, technology upgrades, and strategic acquisitions, suggesting confidence in the sector’s ability to scale operations profitably 1.
The PLI scheme has already disbursed approximately ₹14,020 crore across various sectors, with 764 applications approved across 14 key industries, indicating sustained government commitment to manufacturing incentives 2.