Vedanta acquires Japan’s AvanStrate

Billionaire Anil Agarwalled Vedanta Ltd on Friday said it has acquired an additional 46.57% stake in Japanese display major AvanStrate Inc for $78.3 million through its wholly-owned subsidiary, Cairn India Holdings Ltd.

With this acquisition, Vedanta’s total holding in AvanStrate has risen to 98.2%.

The transaction is expected to be completed by

June 2024, it said in a statement.

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

With this acquisition, Vedanta’s total holding in AvanStrate has risen to 98.2%

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.

Vedanta said the acquisition of AvanStrate aligns with its vision of pivoting towards technology and diversifying into hi-tech manufacturing.