Amber Arm to Acquire Remaining 40% of Power-One Through ₹176 Crore Share Swap

Key Takeaways:

• Amber Enterprises' material subsidiary IL JIN has agreed to acquire the remaining 40% equity stake in Power-One Micro Systems. 
• IL JIN will issue 1.76 lakh compulsorily convertible preference shares priced at ₹10,000 each, representing ₹176 crore of non-cash consideration. 
• After completion, IL JIN will own 100% of Power-One, which manufactures solar inverters, UPS systems, BESS products and EV chargers. 

Amber Enterprises India is moving to complete its ownership of Power-One Micro Systems, with material subsidiary IL JIN Electronics entering into a share swap agreement to acquire the remaining 40% stake in the Bengaluru-based power electronics company. 

IL JIN already owns 60% of Power-One. Under the agreement signed on October 18, 2026, it will acquire another 1,75,680 equity shares, representing the balance 40% on a fully diluted basis. Power-One will become a wholly owned subsidiary of IL JIN and Amber Enterprises once the transaction is completed. 

No cash will be paid to the sellers. 

Instead, IL JIN will issue 1,76,000 compulsorily convertible preference shares, or CCPS A3, at an issue price of ₹10,000 each. At the disclosed issue price, the non-cash consideration represented by those preference shares amounts to ₹176 crore. 

Amber Had Acquired the Initial 60% Stake in 2025 

The latest transaction follows IL JIN's acquisition of a controlling 60% stake in Power-One on August 5, 2025. 

That initial purchase was completed for ₹262 crore, subject to adjustments under the definitive agreements. Power-One subsequently became a subsidiary of IL JIN and a step-down subsidiary of Amber Enterprises.  

Amber's financial disclosures had also referred to a call and put option arrangement for the remaining 40% stake. The October 2026 share swap now sets out the mechanism through which IL JIN plans to move to full ownership. 

The latest transaction is classified as a related-party transaction. Amber said it is being undertaken on an arm's-length basis, and no governmental or regulatory approval is required for the acquisition. Completion is scheduled within 10 business days from the execution of the agreement, unless the parties agree to another date in writing.  

Power-One FY26 Turnover Reached ₹270 Crore 

Power-One manufactures solar inverters covering on-grid, off-grid and hybrid systems, as well as uninterruptible power supplies, Battery Energy Storage Systems, EV chargers and other power and energy products.  

Its turnover increased to ₹270.02 crore in FY2025-26 from ₹231.45 crore in FY2024-25. FY2023-24 turnover was ₹184.87 crore.  

Full ownership gives IL JIN direct control over a business that Amber has been using to expand its electronics operations into power electronics and renewable-energy equipment. Amber's earlier disclosures identified BESS, solar inverters, EV chargers and UPS systems as product areas added through the Power-One acquisition. 

Once the share swap closes, the Power-One ownership structure will be consolidated entirely under IL JIN rather than split between Amber's subsidiary and the existing minority shareholders.