Volex acquires majority stake in inYantra Tech for $13 mn

"The equity investment strengthen Volex's ability to provide flexibility and choice to its global customer base in the provision of its vertically integrated solutions, by adding a new manufacturing region to its unique interational operating footprint," it said in a statement.

Further, Volex added that the assets purchase will allow for an expansion in the range of capabilities the site can offer following the construction of a new 100,000 sq ft. medical and complex industrial technology cable assembly facility, with the scope for further development to support expansion in Volex's other segments including consumer electrical and electric vehicles.

"This deal offers an excellent strategic opportunity to expand our global footprint, which is consistent with our strategy and will bring new and strengthened capabilities in 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." said Nat Rothschild, Executive Chairman of Volex.

inYantra Chairman Pravin Jain said, "The planned 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."