Mining major Vedanta announces the complete acquisition of Japanese thin-film-transistor and liquid-crystal display glass substrate and display maker AvanStrate.

Vedanta already had a 51.63 percent stake in AvanStrate through its subsidiary Cairn India Holdings, and will now acquire an additional 46.57 percent stake for not more than 12.2 billion Japanese yen. With the additional stake buy, Vedanta will own a total of 98.20 percent in the company. Vedanta had bought a controlling stake in the Tokyo-headquartered display panels maker in 2017 for roughly $158 million.

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

Glass substrates are mostly utilized in the manufacturing of electronic products, such as wearables, tablets, laptops, smartphones, and televisions.

“As a wholly owned subsidiary, AvanStrate will serve as a strategic asset for Vedanta as the conglomerate looks at playing a critical role in India’s journey towards becoming self-reliant in electronics manufacturing,” the company’s global managing director Akarsh Hebbar says.

Glass substrates are widely utilized in the manufacture of electronic products such as televisions, laptop computers, smartphones, tablets, and wearables.

“The display panel market is estimated to be worth $7 billion and is expected to grow to $15 billion by 2025. Currently, India imports 100 percent of these requirements,” Vedanta says.