Amber Enterprises India Limited announced that its material subsidiary, IL JIN Electronics (India) Private Limited, has executed Definitive Transaction Agreements to acquire a minority stake in MoMagic Wireless Private Limited. The total purchase consideration is Rs. 25 Crore for a 19.92% equity stake. This strategic move, executed on February 14, 2026, is aimed at accelerating IL JIN’s entry and strengthening its position in the rapidly growing Internet of Things (IoT) domain.
Strategic Acquisition for IoT Ecosystem Entry
Amber Enterprises India Limited has informed the exchanges regarding a significant transaction involving its material subsidiary, IL JIN Electronics (India) Private Limited (“IL JIN”). IL JIN has entered into Definitive Transaction Agreements with MoMagic Wireless Private Limited (“MoMagic”), MoMagic Technologies Private Limited, Mr. Arun Kumar Gupta, and Ms. Ritu Gupta.
Transaction Details and Investment
Under the terms of the agreement, IL JIN will subscribe to 51,52,938 equity shares of MoMagic. This subscription represents a 19.92% stake in MoMagic’s equity share capital. The total investment commitment is Rs. 25 Crore, to be paid in one or more tranches:
- First Closing: Rs. 20 Crore (Acquiring 16.60% or 41,22,351 shares) within 30 days of execution.
- Second Closing: Rs. 5 Crore (Acquiring 3.32% or 10,30,587 shares) on or before June 30, 2026.
MoMagic, incorporated in March 2025, is engaged in designing, developing, and supplying wireless Communication Modules, including Cellular, BLE, and Wi-Fi technologies.
Rationale Behind the Move
The proposed acquisition is strategically aligned with IL JIN’s objective of entering the rapidly growing Internet of Things (IoT) domain and enhancing its expertise in module design and development. This move is expected to provide IL JIN access to specialized knowledge and innovative technologies, thereby strengthening its presence in the IoT ecosystem, broadening its customer base, and reinforcing its competitive position.
Governance and Shareholding Terms
The Definitive Transaction Agreements outline specific rights for IL JIN:
- The Board of MoMagic shall consist of up to Five members.
- IL JIN has the right to nominate and maintain one (1) non-executive director (“Investor Director”), provided it maintains a certain shareholding threshold.
- IL JIN will also have the right to nominate one (1) observer to the Board.
- MoMagic Technologies Private Limited will appoint four (4) “Founder Directors”, with Mr. Arun Kumar Gupta mandatorily being one of them.
MoMagic is confirmed to be an independent third-party and is not deemed a related party to IL JIN or Amber Enterprises India Limited.
Source: BSE
