Jubilant Advanced Electronics Limited (JAEL), a wholly owned subsidiary of Jubilant Ingrevia Limited, has signed an agreement to acquire a 40% strategic equity stake in Zettaone Technologies India Private Limited, marking Jubilant Ingrevia’s entry into the electronics design and manufacturing services (EDMS) sector.
Jubilant Ingrevia informed the stock exchanges on November 8 that its subsidiary, Jubilant Advanced Electronics, had executed a share subscription and share purchase agreement with Zettaone Technologies, an electronics design and manufacturing company.
Under the agreement, Jubilant Advanced Electronics will acquire a 40% stake in Zettaone, with an option to increase its shareholding to 51% during the next year, which the company has identified as FY28.
The additional acquisition option is subject to the terms and conditions of the agreement.
The transaction will give Jubilant Ingrevia a presence in the electronics design and manufacturing services (EDMS) sector and expand its participation across the electronics and semiconductor value chain.
Jubilant Advanced Electronics-Zettaone deal valued at ₹189.2 crore
Jubilant Ingrevia first announced the proposed investment on August 18, when its board approved a binding term sheet with Zettaone Technologies.
The company valued the acquisition of the 40% equity stake at approximately ₹189.2 crore, payable in cash.
Following the completion of the acquisition, Zettaone is expected to become an associate company of Jubilant Ingrevia through its subsidiary, Jubilant Advanced Electronics.
The company had outlined a two-tranche acquisition plan.
- The first tranche was expected to be completed by November 2026
- The second was scheduled for September 2027.
The November 8 stock exchange communication confirms the execution of the agreement but does not restate the transaction value or specify how much of the acquisition has been completed.
The timeline disclosed in August remains the latest publicly stated schedule for the proposed transaction.
Zettaone has reported consistent growth in turnover over the past three financial years.
According to Jubilant Ingrevia’s August disclosure, Zettaone’s turnover increased from ₹51.1 crore in FY24 to ₹79.1 crore in FY25 and ₹98.1 crore in FY26.
Zettaone offers integrated electronics design and manufacturing capabilities
Zettaone Technologies is an integrated electronics design and manufacturing platform offering capabilities across research and design, prototyping, manufacturing, assembly and box build.
The company’s solutions cater to customers across multiple sectors, including aerospace, defence, semiconductors, automotive, medical and industrial applications.
Zettaone was co-founded by Harikrishnan, Sureshkumar, Prabu and Arunkumar. Harikrishnan Gopal serves as the company’s chief executive.
Through Jubilant Advanced Electronics, Jubilant Ingrevia aims to combine its manufacturing capabilities and customer-focused contract development and manufacturing organisation (CDMO) expertise with Zettaone’s electronics design and manufacturing services capabilities.
The proposed integration is expected to help the company serve customers across the electronics and semiconductor value chain through a broader range of offerings.
Why Jubilant Ingrevia is entering electronics manufacturing
Jubilant Ingrevia, a specialty chemicals and contract development and manufacturing (CDMO) company, has been expanding its presence in semiconductor chemicals.
In August, Deepak Jain, Chief Executive and Managing Director of Jubilant Ingrevia, said the company had been moving into high-precision semiconductor chemicals through its CDMO business and had established credibility with several global customers.
He said Zettaone’s expertise in high-speed and high-power printed circuit board (PCB) design and manufacturing would anchor the company’s growing electronics and semiconductor business by providing customers with an integrated offering.
The company believes the acquisition will enable it to combine its manufacturing and customer-focused CDMO capabilities with Zettaone’s EDMS expertise.
According to Jubilant Ingrevia’s November 8 disclosure, the transaction is expected to accelerate growth in its semiconductor and electronics chemicals vertical.
The option to increase its stake in Zettaone to 51% further strengthens the strategic importance of the investment to the company’s growth plans.
The investment is also aligned with Jubilant Ingrevia’s Pinnacle growth strategy, under which the company is looking to expand its presence in high-growth business segments.
In August, Shyam S Bhartia, Chairman, and Hari S Bhartia, Co-Chairman and Whole-time Director of Jubilant Ingrevia, said the investment would enable the company to offer an integrated value proposition in electronics and semiconductors.
Jubilant Advanced Electronics established as a wholly owned subsidiary
Jubilant Ingrevia‘s board approved the incorporation of Jubilant Advanced Electronics Limited as a wholly owned subsidiary on October 1, 2026.
It also decided that the proposed acquisition of the Zettaone stake would be undertaken through the newly incorporated subsidiary rather than directly by the parent company.
The company said the new structure would provide greater operational flexibility and strategic focus.
Jubilant Advanced Electronics has been established as a vehicle for pursuing opportunities in electronics design and manufacturing services and related electronics and semiconductor businesses. These opportunities also include high-purity semiconductor and electronics materials.
The proposed registered office of Jubilant Advanced Electronics was in Gurugram, Haryana.
Jubilant Ingrevia also disclosed that it would fund the initial share capital of its wholly owned subsidiary entirely in cash, with an investment of up to ₹10 crore.
The proposed initial capitalisation will comprise up to one crore equity shares of ₹10 each. This investment is separate from the approximately ₹189.2 crore consideration for acquiring the 40% stake in Zettaone Technologies.
With the proposed investment, Jubilant Advanced Electronics will serve as Jubilant Ingrevia’s platform for expanding into electronics design and manufacturing services and pursuing opportunities across the electronics and semiconductor sectors.
