Amber Enterprises India Secures Full Power-One Stake for ₹176 Crore

Amber Enterprises India Limited will secure full ownership of Power-One Micro Systems through a ₹176 crore non-cash share swap, subject to completion within 10 business days of the October 18, 2026 agreement. The transaction moves Power-One from a 60%-owned step-down subsidiary to a wholly owned business within the group’s electronics operations.

What is Amber Enterprises India acquiring from Power-One?

Amber Enterprises India is acquiring the remaining 40% interest in Power-One through its material subsidiary, IL JIN Electronics (India) Limited. IL JIN already held a 60% stake in Power-One, following its controlling-stake acquisition completed on August 5, 2025.

Under the new agreement, IL JIN will acquire 1,75,680 equity shares of Power-One, representing the balance 40% stake on a fully diluted basis. On completion, Power-One will become a wholly owned subsidiary of IL JIN and, indirectly, of Amber Enterprises India.

The agreement was signed on October 18, 2026. The sellers are Ramanna Rajesh Mayasandra, Harsha Venkatesh, Dwaith Advisory Private Limited and Doddabidere Honappa Veena. Ramanna Rajesh Mayasandra, Power-One's managing director, is selling 1,27,810 shares under the transaction.

How is the ₹176 crore Power-One transaction structured?

The ₹176 crore transaction is structured as a share swap, with IL JIN issuing preference shares rather than making a cash payment. IL JIN will issue 1,76,000 compulsorily convertible preference shares, classified as CCPS A3, to the sellers as consideration for the 40% Power-One stake.

Each CCPS A3 has a face value of ₹10 and an issue price of ₹10,000, including a premium of ₹9,990 per share. At the stated issue price, the total value of the preference shares is ₹176 crore. No cash consideration will be paid under the agreement.

The transaction is classified as a related-party transaction because of the parties involved. Amber Enterprises India has stated that it is being undertaken on an arm's-length basis. The company also said no regulatory approval is required for completion.

What businesses does Power-One add to Amber Enterprises India?

Power-One manufactures solar inverters, uninterruptible power supply systems, battery energy storage system products and electric-vehicle chargers. These product lines broaden Amber Enterprises India's presence in power electronics beyond its established electronics manufacturing activities.

The target company's reported turnover was ₹270.01 crore in FY26. Its offerings serve renewable-energy, backup-power, energy-storage and EV-charging applications, placing the business in product categories distinct from air-conditioner boards and related electronics components.

IL JIN had acquired the original 60% Power-One stake for ₹262 crore in August 2025, subject to adjustments under definitive agreements. That deal made Power-One an IL JIN subsidiary and a step-down subsidiary of Amber Enterprises India. The latest agreement sets out the route to consolidate the remaining ownership.

Full ownership gives IL JIN direct control over Power-One's shareholding structure. It also places the company's manufacturing, procurement and research-and-development activities within a fully controlled Amber Enterprises India group entity.

Why does full ownership matter for Amber Enterprises India investors?

Full ownership matters because Amber Enterprises India will consolidate control of a business operating in solar power, battery storage, backup power and EV charging. The deal does not involve an immediate cash outflow, as consideration will be settled through issuance of CCPS A3 by IL JIN.

For the group, the transaction simplifies ownership of a subsidiary in which IL JIN already held control. It also removes the minority shareholding in Power-One, enabling IL JIN to own 100% of the equity after completion. The stated completion timeline is no later than 10 business days after the agreement date, unless the parties agree otherwise in writing.

The transaction adds to Amber Enterprises India's stated movement into higher-value electronics. Power-One's portfolio sits alongside IL JIN's PCB assembly and bare-board operations, expanding the range of electronics products within the group rather than changing the terms of the earlier 60% acquisition.

For investors, the disclosed figures establish the consideration and ownership changes, but the announcement does not provide forecasts for revenue, profit, capacity expansion or financial contribution from Power-One after the deal closes. Those outcomes remain undisclosed in the available information.

Conclusion

Amber Enterprises India is set to take complete ownership of Power-One through a ₹176 crore share swap executed by IL JIN. The transaction consolidates a business with ₹270.01 crore FY26 turnover and products spanning solar inverters, UPS systems, battery storage and EV chargers, while avoiding a cash payment at the IL JIN level.

The next disclosed milestone is transaction completion within 10 business days of October 18, 2026, subject to any written agreement between the parties to revise the date. Investors can watch for confirmation of completion, the issuance of 1,76,000 CCPS A3, and subsequent disclosures on Power-One's integration into the group.