UK-based Volex, a global supplier of integrated manufacturing services and power products, has acquired 51% majority stake in electronics design and manufacturing services firm inYantra Technologies Pvt. Ltd in $13 million transaction. The deal also includes purchase of 13.5 acres of industrial land for $5 million.
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| The association with Volex will deliver to inYantra access to a global customer base, an international operating footprint, combined cross-sell proposition for industrial customers in the region. |
The equity investment and property purchase by Volex will be in cash on completion from the company's existing debt facilities.
Volex said inYantra has expertise in printed circuit board assembly and box build integrated solutions, operating from a dedicated manufacturing site and the stake acquisition enables a strong combined cross-sell proposition to mid-volume industrial customers in the region.
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."