Vedanta acquires Japan's AvanStrate, buys additional stake for $78 million
Vedanta plans to leverage the Tokyo-based company’s technology and manufacturing capabilities to establish its own display fabrication unit in Gujarat. The aim is to meet both Indian and global demand for electronic devices, while also fostering a local hi-tech electronics manufacturing industry. “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," said Akarsh Hebbar, global managing director, AvanStrate Inc.
In 2017, Cairn India Holdings had acquired a 51.63% stake in AvanStrate. AvanStrate produces glass substrates for Gen 4 to Gen 8 TFT LCD (thin-film-transistor liquid-crystal display) panels, which are primarily used in electronic devices such as televisions, laptops, smartphones, tablets, wearables, and other displays including automotive and medical equipment. The company boasts more than 700 patents, production facilities in Taiwan and Korea, a robust supply chain network, and partnerships with global technology companies.
In the statement, Vedanta said the acquisition of AvanStrate aligns with its vision of pivoting towards technology and diversifying into hi-tech manufacturing. Vedanta intends to leverage AvanStrate’s technological expertise in display glass to create local supply chains. “India currently relies heavily on imports from China to meet its display requirements.
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