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Vedanta acquires Japanese display major AvanStrate
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
After the acquisition, Vedanta arm Cairn India Holdings will have 98.2% stake in AvanStrate. The company first bought a controlling stake in the Japanese firm in 2017 for $158 million.
Mining major Vedanta announced on Friday, May 10, that it is fully acquiring Japanese display screen major AvanStrate.
“The Board of Directors of Vedanta… have approved the acquisition of additional stake of 46.57% in AvanStrate Inc. (“ASI”) (an indirect subsidiary of the Company with 51.63% holding) from HOYA Corporation, Japan (“HOYA”) through Cairn India Holdings Limited (“CIHL”), a wholly-owned subsidiary of the Company,” the company informed in an exchange filing.
After the acquisition, Vedanta arm Cairn India Holdings will have 98.2% stake in AvanStrate. The company first bought a controlling stake in the Japanese firm in 2017 for $158 million.
“The acquisition of AvanStrate by Vedanta marks a significant milestone and strengthens our position as a leading player in the global display value chain,” said Akarsh Hebbar, Global Managing Director of AvanStrate.
As a wholly-owned 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, Hebbar added.
AvanStrate has more than 700 patents to its credit, along with state-of-the-art manufacturing facilities.
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