ChrysCapital, InCred Capital get CCI's nod to acquire stake in ILJIN Electronics

New Delhi, Nov 7 (PTI) The Competition Commission of India (CCI) on Friday cleared Mumbai-based private equity investor ChrysCapital and InCred Capital's proposals to purchase stakes in ILJIN Electronics.

The development came after Amber Enterprises India, in September this year, announced that its subsidiary ILJIN Electronics India Pvt Ltd (ILJIN) had raised Rs 1,200 crore in strategic funding, through separate definitive agreements with ChrysCapital and InCred Growth Partners Fund I, along with their respective affiliates.

"The proposed combination pertains to the acquisition by the acquirer (ChrysCapital Fund X, Two Infinity Partners and Raptor Investments Ltd), collectively, of certain compulsorily convertible preference shares and equity shares in ILJIN," the regulator said in a release.

ILJIN Electronics (India) Pvt Ltd (ILJIN) provides electronic manufacturing services, including the manufacturing of printed circuit board (PCB) assemblies and box-built products, which are smart watches, routers, chargers, and true wireless speakers.

It is also engaged in the provision of energy solutions, including uninterrupted power supply, solar inverters, battery energy storage systems, electric vehicle chargers, and industrial software and hardware automation solutions through its relevant entities.

In September, the Amber group said that ChrysCapital is leading the investment round, whereby they will invest Rs 1,100 crore, and InCred PE will invest Rs 100 crore, in the form of equity shares and compulsory convertible preference shares.

This fundraiser will enable ILJIN to increase the scale of its operations and enhance manufacturing capabilities while exploring strategic and targeted acquisitions to strengthen its market position.

On the financial front, ILJIN reported revenue of Rs 2,194 crore with Rs 151 crore operating EBITDA in FY 25, with revenues having grown at a CAGR of 52 per cent from FY22-25.

In a separate release, the antitrust watchdog granted its nod for the acquisition of a 26 per cent equity stake of Continuum Green Energy Holdings Ltd. (Continuum SG) by Continuum Energy Pte Ltd (CEPL) from Clean Energy Investing Pte Ltd.

CEPL operates as a holding company and the promoter of the Continuum Green Energy Holdings. In India, CEPL's affiliates are engaged in the business of generating renewable power.

"The proposed combination envisages purchase of 26 per cent equity shareholding of Continuum Green Energy Holdings Ltd (Continuum SG) by Continuum Energy Pte Ltd (CEPL) from Clean Energy Investing Pte Ltd. Pursuant to the proposed combination, Continuum SG will become a wholly owned subsidiary of CEPL," CCI said.

Continuum SG is present in India through Continuum Green Energy Ltd (Continuum India) and Continuum India's subsidiaries, which are engaged in the business of generating renewable power.

The deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace. PTI HG HG BAL BAL