inYantra Technologies Pvt Ltd, an electronics design and manufacturing services firm, on Monday said UK-based integrated manufacturing-services and power products company Volex plc has acquired a majority stake in it in a transaction totalling USD 13 million (around Rs 100 crore).
Volex's partnership with inYantra will bring in new verticals and fortified capabilities. It will strengthen focus on two high-growth Indian sectors of medical electronics and electric vehicles (EVs) for inYantra Technologies, the company said in a statement.
The company has entered into "a decisive strategic partnership" with Volex plc "for a transaction totalling USD 13 million", inYantra Technologies added.
The association with Volex will also provide access to a global customer base, spread international operating footprint, inYantra added.
inYantra Chairman Pravin Jain said, "The strategic alliance with Volex positions us for accelerated growth for the next five years."
He further said, "We have developed a joint business plan based on the synergies in the existing businesses, as well as a significant expansion of the manufacturing footprint in India, and are targeting multiples of revenue growth by 2027."
Volex Executive Chairman Nat Rothschild said the inYantra transaction offers an excellent strategic opportunity to expand the company's global footprint, which is consistent with its strategy, and will bring new and strengthened capabilities in the key Indian market.
"inYantra's existing business, along with the imminent development of a complex cable assembly capability, will improve our customer offering, supporting low-cost manufacturing for existing and new domestic and export customers," he added.
Rothschild further said Volex sees a further opportunity to improve inYantra's margins by allowing inYantra to leverage the economies of scale from being part of a larger group.
As part of the transaction, the two partners will undertake joint development of complex cable assembly capability through low-cost production for both domestic and export markets, as Volex expands the capabilities at the Pune site by building a new medical and complex industrial technology cable assembly facility, the statement said.
Besides, there will be a stronger and structured focus on the electric vehicle segment, which is one of Volex's key business verticals, it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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