In 2023, Amber Enterprises subsidiary joins forces with Noise to manufacture smart wearables

Amber Enterprises subsidiary joins forces with Noise to manufacture smart wearables

Amber Enterprises India Limited made an announcement on September 18 regarding its material subsidiary, ILJIN Electronics, entering into a significant joint venture (JV) agreement with Noise. The primary aim of this joint venture is to enhance the manufacturing of smart wearables within India, aligning with the nation’s “Make in India” initiative. Here’s an expansion of the provided information:

ILJIN Electronics and Noise have come together with a shared commitment to engage in various activities related to the manufacturing, assembly, and design of wearables and other smart electronic products. This strategic collaboration reflects a dedication to promoting local manufacturing and supporting India’s “Make in India” campaign, which encourages domestic production and self-sufficiency in various industries.

By joining forces, ILJIN Electronics and Noise aim to leverage their respective expertise and capabilities in electronics manufacturing and smart wearables to establish a strong presence in the Indian market. This venture not only aligns with the Indian government’s vision for economic growth but also reflects the growing demand for smart wearable technology in the country.

The “Make in India” initiative, launched by the Indian government, is designed to attract both domestic and foreign investment in various sectors, fostering economic development and job creation. By venturing into the production of smart wearables and other electronic products locally, ILJIN Electronics and Noise contribute to this national effort while catering to the rising consumer demand for innovative tech products.

Overall, the joint venture between ILJIN Electronics and Noise signifies a strategic partnership aimed at boosting the manufacturing of smart wearables and related electronic devices within India’s borders. It underscores their commitment to local production and aligns with broader national objectives to bolster the country’s manufacturing capabilities and technological advancements.

The collaboration through this joint venture is expected to empower both ILJIN Electronics and Noise to effectively cater to the changing preferences and needs of consumers. By combining their strengths and resources, the companies are well-positioned to offer top-notch products, ensuring high quality and innovative solutions to meet the demands of the Indian market. Moreover, this partnership is poised to play a pivotal role in nurturing the local manufacturing and design ecosystem in India.

As outlined in the terms of the Joint Venture Agreement, the proposed joint venture company will see an equal ownership split, with 50 percent belonging to ILJIN and the remaining 50 percent to Noise. Both parties will inject capital into the venture in one or more tranches. This equitable ownership structure signifies a balanced and collaborative approach, ensuring that both ILJIN Electronics and Noise have a vested interest in the success and growth of the joint venture.

The infusion of capital by both parties underscores their commitment to investing in the development and expansion of smart wearables and related electronic product manufacturing in India. It reflects their shared vision of leveraging their respective strengths to capitalize on the opportunities presented by the Indian market and contribute to the nation’s manufacturing landscape. This joint venture has the potential to benefit not only the partnering companies but also the broader Indian ecosystem by fostering innovation, job creation, and economic growth.

The joint venture (JV) between ILJIN Electronics and Noise will be governed by a board of directors, with two members in total. One of these directors will be nominated by ILJIN, while the other director will be appointed by Noise. This arrangement ensures that both companies have representation and decision-making authority within the JV, fostering a collaborative and balanced approach to management.

Amit Khatri, Co-founder of Noise, emphasized the strategic significance of this partnership, highlighting that it represents a crucial milestone in strengthening India’s manufacturing capabilities. He further elaborated on the potential benefits, stating that the collaboration will leverage their collective expertise to enhance domestic manufacturing efforts. Additionally, Khatri noted that the partnership will contribute to expanding the product category and promoting growth across the entire ecosystem.

This statement from Noise’s Co-founder underscores the broader objectives of the joint venture, which go beyond just manufacturing. The collaboration is expected to drive innovation, enhance local production capabilities, create employment opportunities, and stimulate growth not only for the companies involved but also for the Indian electronics and smart wearables industry as a whole. It aligns with the vision of bolstering India’s self-reliance and competitiveness in the global technology market.