Amber Enterprises India Limited announced that its material subsidiary, IL JIN Electronics, has acquired control over Stelltek Technologies Private Limited. This was achieved through an Amendment Agreement to the existing Joint Venture agreement, granting IL JIN the right to nominate the majority of Directors on Stelltek’s Board. Consequently, Stelltek transitions from a joint venture to a step-down subsidiary of Amber, effective 15 February 2026, without any change in shareholding.
Significant Governance Shift in Joint Venture
Amber Enterprises India Limited has reported a major development concerning its material subsidiary, IL JIN Electronics (India) Private Limited (“IL JIN”). On 15 February 2026, IL JIN executed an Amendment Agreement to the Joint Venture Agreement originally signed on 18 September 2023, involving Stelltek Technologies Private Limited (“Stelltek”) and Nexxbase Marketing Private Limited (“Noise”).
Acquisition of Control
The core of the amendment grants IL JIN the explicit right to nominate and appoint the majority of Directors on the Board of Stelltek. This right immediately leads to IL JIN exercising control over management and policy decisions of Stelltek, aligning with the definition of “Control” under the Companies Act, 2013.
To immediately effectuate this governance change, IL JIN is initiating the appointment of Mr. Sudhir Goyal (DIN: 01104230), who also serves as the Chief Financial Officer of Amber, as a Non-Executive Additional Director on the Board of Stelltek.
Structural Impact on Corporate Chain
As a direct result of gaining control via majority Board representation, Stelltek ceases to be a joint venture of IL JIN and becomes a subsidiary of IL JIN. This restructuring makes Stelltek a step-down subsidiary of Amber Enterprises India Limited. Importantly, this acquisition of control was achieved without any issuance or transfer of shares; thus, there is no change in the shareholding or capital structure of Stelltek.
Details of the Target Entity (Stelltek)
Stelltek Technologies Private Limited was incorporated on 26 December 2023 and operates in the Electronics Industry, focusing on manufacturing, assembling, and designing wearables and other smart electronics products. The company had a paid-up share capital of Rs. 10,00,000/- and reported zero turnover for both the 2023-2024 and 2024-2025 financial years.
Rationale for the Change
The primary rationale is to reinforce effective governance and ensure greater strategic alignment between Stelltek’s operations and the long-term business objectives of the Amber Group. This restructuring aims to strengthen accountability, improve integration, and support the sustained growth and stability of the former joint venture entity.
Source: BSE
