Amber Enterprises India Limited announced on September 18 that its material subsidiary, ILJIN Electronics, has entered into a joint venture (JV) agreement with Noise to boost the manufacturing of smart wearables in India.
“IL JIN and Noise endeavour to undertake the manufacturing, assembling, and designing of wearables and other smart electronics products and thus contributing strongly towards the Make in India initiative,” Amber Enterprises said in an exchange filing.
At 9:20, Amber was trading at Rs 2,946, down 1 percent from the previous close on the NSE.
This joint venture will enable both companies to address the evolving customer demands, provide high-quality products, and foster the growth of the local manufacturing and design ecosystem in India.
As per the terms of the Joint Venture Agreement, the proposed JV Company will be 50 percent owned by ILJIN and 50 percent owned by Noise and capital shall be infused by both parties in one or more tranches.
Furthermore, the JV will consist of two directors. One will be designated by ILJIN, and the other Director will be appointed by Noise.
Speaking on the JV, Amit Khatri, Co-founder of Noise said that the company’s partnership with ILJIN is a strategic milestone to strengthen India’s manufacturing capabilities.
“Looking ahead, this partnership will leverage our expertise to enhance domestic manufacturing, fuel category expansion, and stimulate ecosystem-wide growth,” said Khatri.