Vedanta Ltd will acquire an additional 46.57 per cent stake in Japanese electronics display manufacturing company AvanStrate for 12.2 billion Japanese yen, or $78 million, the company said in an exchange filing.

The Anil Agarwal-owned company already holds 51.63 per cent of AvanStrate, and this additional purchase will take its stake to 98.2 per cent. The acquisition is being done through Vedanta’s wholly owned subsidiary, Cairn India Holdings.

The acquisition of AvanStrate aligns with the company’s vision of pivoting towards technology and diversifying into hi-tech manufacturing while expanding its presence in high-growth markets, Vedanta said.

Leveraging its expertise and resources, AvanStrate aims to strengthen Vedanta’s capabilities to support the burgeoning hi-tech electronics manufacturing industry in India and capitalise on the growing demand for electronic devices in India and globally, it added.

Tokyo-based AvanStrate makes glass substrates primarily used in the production of electronic devices such as televisions, laptops, smartphones, tablets, wearables, and other electronic displays. With more than 700 patents to its credit, state-of-the-art manufacturing facilities, and a reputation for delivering cutting-edge products, AvanStrate has a strong supply chain network and partnerships with leading technology companies worldwide.

It has production facilities in Taiwan and Korea.

The acquisition is expected to be completed by the end of the current quarter.

Akarsh Hebbar, Global Managing Director of AvanStrate,said in the release, “The acquisition of AvanStrate by Vedanta marks a significant milestone and strengthens our position as a leading player in the global display value chain.” It added that it would serve as a strategic asset for Vedanta as the conglomerate looked to play a critical role in India’s journey towards becoming self-reliant in electronics manufacturing.

With AvanStrate’s expertise, Vedanta would be strategically positioned to establish India’s first integrated fab for display glass and panels, catering comprehensively to the fast-growing electronics manufacturing industry. Such a facility could elevate domestic value addition in electronics manufacturing, escalating it from the current 15 per cent to 60 per cent, the release said.