Amber to acquire majority stake in printed circuit board manufacturer Shogini Technoarts

New Delhi, Nov 15 (PTI) Amber Group, a home-grown contract manufacturer for HVAC (heating, ventilation, and air-conditioning) and consumer electronics, has announced it will acquire Pune-based printed circuit board maker Shogini Technoarts.

The company did not disclose the deal value.

IL JIN Electronics India, a subsidiary of Amber Group, has entered into a definitive agreement for the purchase of a majority stake in Shogini Technoarts, said a joint statement.

This deal will help Amber's "capabilities in PCB manufacturing and expand its product portfolio" through backward integration and reduce reliance on external suppliers.

It will also "broaden its product offerings with advanced PCB types", advanced manufacturing, innovation, and design capabilities and tap into new customer segments and markets, said Amber in its regulatory filing.

Amber has not disclosed the value of the transaction. However, it said the "acquisition of majority stake in the equity share capital of Shogini will be done at a mutually agreed value and will be disclosed separately post-closing".

Shogini is engaged in the business of manufacturing various types of PCBs catering to a wide range of applications, including single-sided, double sided, multilayered, metal and flexible PCBs.

Its turnover was at Rs 390.74 crore in the financial year ended March 2025.

Amber Group Executive Chairman and CEO Jasbir Singh said: "Shogini further strengthens the bare PCB vertical and Amber Group's progression into a leading full-stack, backward-integrated EMS company.

"Together with Ascent Circuits' existing facility, the upcoming new facility, and our strategic JV with Korea Circuit, we are laying a strong foundation to emerge as a leading PCB manufacturer in the country, offering comprehensive solution across single sided, double-sided, multilayer, HDI, flex and semi-conductor substrate PCBs." Combined strengths will enable rapid scaling, foster innovation, and deepen local value addition in the highly import-dependent PCB segment, he said.

Abhijit Tamhankar, Chairman & Managing Director of Shogini, said this partnership is driven by a shared vision to harness synergies and scale the business.

"Together, we aim to accelerate growth, empower teams, and enhance value to our customers across diverse sectors. We remain deeply committed and look forward to an exciting new phase of growth and collaboration," he said. PTI KRH HVA