Vedanta had bought a controlling stake in the Japanese company in 2017 for $158 million.
Mining billionaire Anil Agarwal-led Vedanta Ltd of Friday announced that it has acquired an additional 46.57 per cent stake in Japanese glass substrate manufacturer AvanStrate Inc.
With this acquisition, Vedanta’s total holding in AvanStrate has increased to 98.2 per cent. The transaction is likely to be completed by the first quarter of the current financial year.
“The board of directors of Vedanta Limited on Friday… have approved the acquisition of additional stake of 46.57 per cent in AvanStrate Inc (ASI) (an indirect subsidiary of the Company with 51.63 per cent holding) from HOYA Corporation, Japan through Cairn India Holdings Ltd (CIHL), a wholly-owned subsidiary of the company,” the mining conglomerate said in a filing to the BSE.
Vedanta had bought a controlling stake in the Japanese company in 2017 for $158 million.
The acquisition of AvanStrate aligns with the company’s vision of pivoting towards technology and diversifying into hi-tech manufacturing, while expanding its presence in high-growth markets, Vedanta said.
Leveraging its expertise and resources, AvanStrate aims to strengthen Vedanta’s capabilities to support the burgeoning hi-tech electronics manufacturing industry in India and capitalise on the growing demand for electronic devices in India and globally.
AvanStrate Inc, headquartered in Tokyo, Japan, 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.
AvanStrate Inc has production facilities in Taiwan and Korea.
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First Published: May 10 2024 | 11:01 PM IST
