ILJIN Electronics, a leading electronics manufacturing services (EMS) company and a subsidiary of Amber Group, has raised Rs 1,200 crore in its first external institutional funding round, marking a significant milestone in India’s semiconductor and electronics manufacturing landscape. The investment, led by ChrysCapital with Rs 1,100 crore and InCred Growth Partners Fund I contributing Rs 100 crore through a mix of equity and compulsory convertible preference shares, is poised to fuel ILJIN’s ambitious plans for capacity expansion, technological upgrades, and strategic acquisitions. This landmark deal underscores India’s growing prominence in the global electronics supply chain and aligns with the government’s push for self-reliance in semiconductor production.
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A Strategic Leap for ILJIN Electronics
Founded as a part of Amber Group, ILJIN Electronics has established itself as a key player in India’s EMS sector, specializing in bare printed circuit boards (PCBs), PCB assemblies, and box-build solutions. The company caters to a diverse range of industries, including consumer durables, automotive, telecom, renewable energy, healthcare, aerospace, and defence. Its product portfolio includes critical components such as battery energy storage systems, electric vehicle (EV) chargers, solar inverters, and uninterruptible power supply (UPS) systems, positioning it at the forefront of India’s electronics manufacturing boom.
In FY25, ILJIN reported revenues of Rs 2,194 crore with an operating EBITDA of Rs 151 crore, achieving an impressive 52% compound annual growth rate (CAGR) between FY22 and FY25. The Rs 1,200 crore funding will enable the company to scale its manufacturing capabilities, invest in cutting-edge technologies, and pursue strategic acquisitions to strengthen its market position. The transaction, subject to regulatory approvals, is expected to close in the coming months, marking a new chapter for ILJIN’s growth trajectory.
“This funding is a transformative step for ILJIN Electronics,” said a company spokesperson. “With the support of ChrysCapital and InCred, we are well-equipped to expand our manufacturing footprint, enhance our technological capabilities, and seize new opportunities in India’s rapidly evolving electronics ecosystem.”
Fueling India’s Semiconductor Ambitions
The investment comes at a critical juncture for India’s semiconductor industry, which is witnessing unprecedented growth driven by government initiatives like the Production Linked Incentive (PLI) scheme and the Electronics Components Manufacturing Scheme (ECMS). These policies aim to reduce India’s reliance on imported electronics and establish the country as a global hub for semiconductor manufacturing. The Indian semiconductor market, valued at $45-50 billion in FY24-25, is projected to reach $100-110 billion by 2030, reflecting a robust growth trajectory.
ILJIN’s funding aligns with this national agenda, enabling the company to contribute to India’s self-reliance in electronics manufacturing. The capital will be used to expand production facilities in Noida and other key locations, focusing on high-demand components like PCBs and advanced semiconductor assemblies. Additionally, ILJIN plans to invest in automation and AI-driven manufacturing processes to enhance efficiency and product quality, catering to both domestic and international markets.
Strategic Acquisitions on the Horizon
A key component of ILJIN’s growth strategy is pursuing strategic acquisitions to broaden its technological expertise and market reach. The company is eyeing opportunities to acquire specialized firms in the semiconductor and electronics space, particularly those with capabilities in advanced packaging and chip assembly. These acquisitions will strengthen ILJIN’s ability to offer end-to-end solutions, from design to production, and position it as a one-stop partner for global OEMs (original equipment manufacturers).
The involvement of ChrysCapital, one of India’s leading private equity firms, and InCred Growth Partners, known for backing high-growth SMEs, brings strategic expertise to ILJIN’s expansion plans. “ILJIN Electronics is uniquely positioned to capitalize on India’s electronics manufacturing boom,” said a representative from ChrysCapital. “We are excited to partner with a company that is driving innovation and self-reliance in a critical industry.”
India’s Semiconductor Ecosystem: A Global Opportunity
India’s push to become a semiconductor powerhouse is gaining momentum, with the government committing Rs 62,900 crore of a Rs 65,000 crore fund under the India Semiconductor Mission to support chip production. Recent developments, such as the inauguration of CG Power’s pilot semiconductor plant in Sanand, Gujarat, and the upcoming commissioning of Micron Technology’s large-scale fab by late 2025, highlight the country’s progress in chip manufacturing. ILJIN’s funding complements these efforts, reinforcing the private sector’s role in building a robust domestic supply chain.
The global semiconductor industry, dominated by countries like Taiwan, South Korea, and the US, has faced supply chain disruptions due to pandemics and geopolitical tensions, underscoring the need for diversified manufacturing hubs. India’s strategic focus on mature nodes (28–110nm) and its investment in design and fabrication capabilities position it as an emerging player in this space. ILJIN’s expansion will contribute to reducing India’s import dependency and enhancing its role as a trusted partner in the global electronics supply chain.
A Boost for Amber Group’s Vision
As a subsidiary of Amber Group, a diversified conglomerate with interests in consumer electronics, HVAC, and EMS, ILJIN benefits from a strong parentage that supports its growth ambitions. Amber Group’s expertise in scaling operations and its alignment with government policies like PLI have been instrumental in ILJIN’s success. The funding will further strengthen Amber’s position in the electronics manufacturing space, enabling it to compete with global players while fostering innovation in India.
ILJIN’s growth is also expected to create significant employment opportunities, particularly in Uttar Pradesh, where its Noida facility is based. By expanding its manufacturing capacity, the company aims to generate jobs in engineering, production, and R&D, contributing to India’s goal of training 85,000 engineers and specialists for the semiconductor industry.
Looking Ahead: A Bright Future for ILJIN
With the Rs 1,200 crore funding, ILJIN Electronics is poised to play a pivotal role in India’s semiconductor revolution. The company’s focus on expanding capacity, upgrading technology, and pursuing acquisitions will enhance its competitiveness in a market projected to grow to Rs 9.6 lakh crore by 2030. By leveraging government support and private investment, ILJIN is well-positioned to drive innovation and self-reliance in India’s electronics ecosystem.
As India takes bold steps to establish itself as a global semiconductor hub, ILJIN Electronics’ strategic expansion underscores the private sector’s critical role in this journey. The funding from ChrysCapital and InCred marks a vote of confidence in ILJIN’s vision and India’s potential to reshape the global electronics landscape.
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