Avalon Tech Forms JV with Zollner Elektronik AG; Appoints New Directors
Avalon Technologies forms a joint venture with Zollner Elektronik AG, initially holding 49% stake, to create an India-based manufacturing platform for PCBA and related services. The company also approved the appointment of Mr. CG Balaji as an Additional Independent Director and re-appointed Mr. Kunhamed Bicha as CMD. Mr. Venkataramani Anantharamakrishnan and Mr. Byas Unnikrishnan Nambisan were re-appointed as Independent Directors.
The joint venture with a significant European player like Zollner Elektronik AG is a major strategic move that is expected to significantly impact the company's market presence and operational capabilities.
The formation of a joint venture with a European EMS company and the strategic appointments are positive developments for the company's growth and governance.
Avalon Technologies Limited announced today, September 03, 2026, the execution of a Joint Venture Agreement (JVA) with Zollner Elektronik AG, a European electronics manufacturing services (EMS) company. The joint venture, to be named "Zollner Avalon Private Limited" or similar, will initially have Zollner holding a 51% stake and Avalon holding 49%. Avalon has the option to acquire an additional 2% stake later. This venture aims to establish a long-term India-based manufacturing and services platform for Printed Circuit Board Assembly (PCBA), box-build, system integration, testing, validation, sourcing, and logistics, primarily serving domestic, export, and selected global customer programs.
Additionally, the company approved the incorporation of a wholly-owned subsidiary, also to be named "Zollner Avalon Private Limited" or similar, with an authorized share capital of ₹2,00,000. This subsidiary will be the entity through which the joint venture will operate, with Zollner subsequently subscribing to shares to achieve the 51% stake.
The Board also approved the appointment of Mr. CG Balaji as an Additional Director in the Independent Category for five years, effective September 03, 2026, subject to shareholder approval. Furthermore, the re-appointment of Mr. Kunhamed Bicha as Chairman & Managing Director for a further five years, effective July 12, 2027, was approved. Mr. Venkataramani Anantharamakrishnan and Mr. Byas Unnikrishnan Nambisan were also re-appointed as Independent Directors for second terms of five years each, effective July 07, 2027, and July 19, 2027, respectively, all subject to shareholder approval.
The board meeting commenced at 05:00 P.M. (IST) and concluded at 05:25 P.M (IST).
A plain-language summary of a public exchange filing by Avalon Technologies Limited. Read the original for the full detail.