Vedanta on Friday said it has acquired an additional 46.57% stake in Japan’s AvanStrate for $78.3 million through its wholly-owned subsidiary Cairn India Holdings.
With this additional stake, the company will now own 98.2% of AvanStrate. The transaction is expected to be completed in the current quarter. In 2017, Cairn India Holdings had acquired a 51.63% stake in AvanStrate for $158 million.
The acquisition of AvanStrate will help Vedanta in its display fabrication unit, which it is planning in Gujarat.
“As its subsidiary, AvanStrate will serve as a strategic asset for Vedanta as the conglomerate looks at playing a critical role in India’s journey towards becoming self-reliant in electronics manufacturing,” said Akash Hebbar, global managing director of AvanStrate.
AvanStrate is a leading manufacturer of glass substrates primarily used in
the production of electronic devices such as televisions, laptops, smartphones, tablets, wearables and other electronic displays.
With more than 700 patents to its credit, state-of-the-art manufacturing facilities and a reputation for delivering cutting-edge products, the company has a strong supply chain network and partnerships with leading technology companies worldwide, Vedanta said in a statement.
AvanStrate’s display offerings include glass substrates for TFT LCD (thin-film-transistor liquid-crystal display) panels used in consumer electronic devices, automotive displays and medical equipment.