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MUMBAI — Leading natural resources company Vedanta on Friday announced it is acquiring 98.2 per cent stake in AvanStrate, a Japanese manufacturer of high-quality display screens, as it positions itself to establish India’s first integrated fabrication unit for display glass and panels.
In 2017, the company had acquired a controlling equity stake in AvanStrate, a liquid crystal display glass substrate maker, for $158 million.
Vedanta has now acquired a 98.2 per cent stake in AvanStrate for an undisclosed sum, it said in a regulatory filing.
The glass substrates are primarily used in the production of electronic devices such as televisions, laptops, smartphones, tablets, wearables and other displays.
"The acquisition of AvanStrate by Vedanta marks a significant milestone and strengthens our position as a leading player in the global display value chain," said Akarsh Hebbar, Global Managing Director of AvanStrate.
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, Hebbar added.
AvanStrate has more than 700 patents to its credit, along with state-of-the-art manufacturing facilities.
Vedanta is strategically positioned to establish India’s first integrated fabrication unit for display glass and panels. Such a facility can significantly elevate domestic value addition in electronics manufacturing, escalating it from the current 15 per cent to an impressive 60 per cent.