Amber Enterprises India Limited (AEIL) has announced a significant change in its material step-down subsidiary, Ascent Circuits Private Limited. M/s Gowthama & Company, the statutory auditors of Ascent Circuits, have tendered their resignation, citing preoccupancy with other assignments as the primary reason.

Auditor Resignation Details

Gowthama & Company, a chartered accountancy firm based in Bangalore, was appointed as the statutory auditor for Ascent Circuits on September 30, 2022. Their term was originally scheduled to expire in March 2027. However, the firm has decided to step down from this role earlier than expected.

Recent Audit Work

Prior to their resignation, Gowthama & Company's most recent engagement with Ascent Circuits was the limited review report for the quarter ending June 30, 2025, which was submitted on July 26, 2025. This indicates that the auditors completed their most recent quarterly review before deciding to resign.

Reasons for Resignation

In their resignation letter dated August 8, 2025, Gowthama & Company stated:

"Due to our pre-occupation with other assignments, we resign from the position of the Statutory Auditor of the Company effective immediately."

The auditors have confirmed that there are no other material reasons for their resignation beyond the preoccupancy cited. Importantly, they have not raised any concerns regarding the company's management or any other issues related to Ascent Circuits or its parent company, Amber Enterprises India Limited.

Regulatory Compliance

In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Amber Enterprises India Limited has promptly disclosed this development to the stock exchanges. The company has provided the necessary details as required by SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024.

Impact and Next Steps

As Ascent Circuits is a material step-down subsidiary of Amber Enterprises India Limited, this change in auditors is significant for the parent company. However, given that the resignation is due to the auditor's other commitments and not due to any concerns about the company, the impact on investor confidence may be limited.

Amber Enterprises will likely need to appoint a new statutory auditor for Ascent Circuits in the near future to ensure continued compliance with regulatory requirements and maintain transparent financial reporting practices.

Investors and stakeholders of Amber Enterprises India Limited should monitor further announcements regarding the appointment of a new auditor for Ascent Circuits Private Limited.

Amber Enterprises India Limited's material subsidiary, IL JIN Electronics (India) Private Limited, has completed the acquisition of a 60% stake in Power-One Micro Systems Private Limited for Rs. 262.00 crore. The transaction was finalized on August 5, with the consideration subject to adjustments as per definitive agreements.

Strategic Expansion in Industrial Electronics

The acquisition marks a significant step for IL JIN Electronics and its parent company, Amber Enterprises, in expanding their presence in the industrial electronics sector. Power-One Micro Systems is a prominent player in the rapidly growing battery energy storage systems and solar inverter space.

Power-One's Business Profile

Power-One specializes in various products including:

• On-grid, off-grid, and hybrid solar inverters
• EV chargers
• Industrial UPS systems

The company caters to a diverse customer base, including large public sector units and major corporations.

Financial Highlights

Strategic Benefits

The acquisition is expected to bring several advantages to IL JIN Electronics and Amber Enterprises:

1. Direct synergy with IL JIN's electronics division
2. Addition of high-margin power electronics and energy sector modules to the portfolio
3. Access to a multi-billion dollar total addressable market (TAM) in the power electronics sector
4. Opportunity to leverage group purchasing power and component ecosystem capabilities

Integration and Growth Plans

Jasbir Singh, Executive Chairman and CEO of Amber Enterprises, commented on the acquisition: "Power-One is a growing company with all the required eligible criteria for participating in government tenders. Their customer profile is very niche, including Power Grid Corporation of India, BEML, BHEL, NTPC, and large solar installations. We believe they will continue to grow at about a 40% rate."

Future Outlook

With this strategic move, IL JIN Electronics and Amber Enterprises are poised to strengthen their position in the industrial electronics segment. The acquisition aligns with the group's vision of expanding its portfolio in high-growth, high-margin sectors while contributing to India's manufacturing capabilities in line with the Atmanirbhar Bharat initiative.

As Power-One becomes a subsidiary of IL JIN and a step-down subsidiary of Amber Enterprises, the group looks forward to leveraging synergies and driving growth in the power electronics and energy storage markets.