Vedanta completes acquisition of Japanese TFT, LCD maker AvanStrate

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

Vedanta already had a 51.63% stake in AvanStrate through its subsidiary Cairn India Holdings, and will now acquire an additional 46.57% stake for not more than 12.2 billion Japanese yen. With the additional stake buy, Vedanta will own a total of 98.20% 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,” the company said on Friday.


Glass substrates are primarily used in the production of electronic devices including televisions, laptops, smartphones, tablets and wearables.

AvanStrate which has production facilities in Korea and Taiwan, with more than 700 patents.

“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 said.

Apart from its complete acquisition of AvanStrate, Vedanta also has a partnership with Innolux Corporation, aiming to set up a $4 billion display manufacturing plant.

“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% of these requirements,” Vedanta said in July 2023, announcing its foray into display panel fabrication and manufacturing.