Amber Enterprises is acquiring the remaining 40% of Power-One Micro Systems through a ₹176 crore share swap, securing full control of its solar, energy-storage, UPS and EV-charging businesses through IL JIN Electronics.
Amber Enterprises is set to gain full ownership of Power-One Micro Systems through its electronics subsidiary IL JIN Electronics (India) Ltd in a ₹176 crore share-swap deal. The acquisition adds solar inverters, UPS systems, battery energy storage systems and EV chargers to its fully controlled portfolio, with scope for closer integration across manufacturing, procurement and R&D.
IL JIN, which already holds 60% of Power-One, signed the agreement on 18 October 2026 to acquire the remaining 40%, comprising 1,75,680 equity shares from four sellers. It will issue 1,76,000 compulsorily convertible preference shares (CCPS), valued at ₹10,000 each, as consideration, with no cash payment involved. Power-One will become a wholly owned subsidiary of IL JIN and, indirectly, Amber, once the transaction is completed.
Power-One Managing Director Ramanna Rajesh Mayasandra is selling 1,27,810 shares, with the balance coming from three other sellers. The transaction is expected to close within 10 business days, and the company states that no regulatory approval is required. The sellers are related parties, with the deal stated to be on an arm’s-length basis.
Power-One’s turnover rose from approximately ₹185 crore in FY24 to ₹270 crore in FY26. Its products serve industrial, residential, defence, railway, airport and data centre customers, potentially complementing Amber’s existing railway and defence operations.
Full ownership could allow closer coordination of manufacturing, component procurement, research and development, and customer relationships. However, Power-One’s order book and the acquisition’s expected revenue contribution have not been disclosed. The deal strengthens Amber’s position in power electronics, but the extent of operational and commercial synergies remains to be established.
