New Delhi, June 30 -- Amber Group's electronics manufacturing services arm, hospital chain Rainbow Children's Medicare Ltd, Mahindra Group's real estate development unit and Asian Paints have struck merger and acquisition deals, the companies said.

Amber Group

Mumbai-listed Amber Enterprises India Ltd said its subsidiary ILJIN Electronics (I) Pvt Ltd has agreed to buy Bengaluru-based Power-One Micro Systems Pvt Ltd, a manufacturer of solar inverters and other products.

Amber, which manufactures air conditioners, electronics appliances and other products for local and global brands, said the transaction will enable it to foray into the rapidly growing segment of energy solutions including solar inverters, battery energy storage systems, UPS, solar power plants and EV chargers. It didn't disclose financial terms.

Power-One was founded in 1998. In FY24, its topline recorded about 40% year-on-year growth to Rs 185 crore.

Rainbow Children's Medicare

The paediatric hospital chain has agreed to acquire a controlling stake in Prashanthi Medicare Pvt Ltd, which operates a 100-bed hospital in Warangal, Telangana, at an enterprise valuation of Rs 32.6 crore.

Rainbow said in a stock-exchange filing it will acquire 76% of fully diluted equity share capital for Rs 24.85 crore and 100% of non-convertible redeemable preference shares for Rs 7.75 crore.

The deal marks Rainbow's entry into North Telangana, the company said. Founded in 2015 by Dr. Prasanthi Macha, the hospital specializes in women and child care. Post-acquisition, it will be rebranded as "Rainbow Children's Hospital" for pediatric services and "Prashanthi with Birthright" for women's care. The facility will be integrated into Rainbow's hub-and-spoke model, connecting to its Hyderabad centre.

Dr. Macha will retain a 24% stake and continue as Director. Rainbow has the option to acquire the remaining equity after six years, while existing shareholders hold a put option after five years.

The deal values the hospital at roughly 9x its FY25 adjusted EBITDA and expands Rainbow's total bed capacity to 2,035 across 20 hospitals in seven cities.

Asian Paints

Asian Paints, India's biggest paint maker, said it has acquired the remaining 40% stake in Obgenix Software, or White Teak, from promoters Pawan and Gagan Mehta for Rs 188 crore, taking full ownership of the premium lighting brand.

This completes a phased acquisition that began in April 2022 with a 49% stake, followed by 11% in June 2023. The move supports Asian Paints' strategy to expand beyond paints into the broader home decor space.

White Teak posted a Rs 45 crore loss on Rs 106.84 crore revenue in FY25 and a negative net worth.

Mahindra Lifespaces

Mahindra Lifespace Developers Ltd, the real estate and infrastructure arm of the Mahindra Group, has acquired a company that owns a land parcel in Bengaluru district of Karnataka for Rs 199 crore with a view to explore for metals and minerals.

The target company, Shreyas Stones Pvt Ltd, owns 8 acres of land but has no business operations currently, Mahindra Lifespaces said in a stock exchange filing.

Published by HT Digital Content Services with permission from VC Circle.