1. Two Infinity Partners   2. ChrysCapital Fund X   3. Raptor Investments Limited

COMPETITION COMMISSION OF INDIA

Combination Registration No. C-2025/09/1326

NON-CONFIDENTIAL

7^th November 2025

Notice under Section 6(2) of the Competition Act, 2002 jointly given by ChrysCapital Fund X, Two Infinity Partners, and Raptor Investments Limited

CORAM:

Ms. Ravneet Kaur
Chairperson

Ms. Sweta Kakkad
Member

Mr. Deepak Anurag
Member

Order under Section 31(1) of the Competition Act, 2002

1. On 10^th September 2025, the Competition Commission of India (Commission) received a notice (Notice) under sub-section (2) of Section 6 of the Competition Act, 2002 (Act) jointly given by ChrysCapital Fund X (CC Fund X), Two Infinity Partners (Two Infinity), and Raptor Investments Limited (Raptor) [hereinafter, CC Fund X, Two Infinity and Raptor are collectively referred to as ‘Acquirers’]. The Notice was filed pursuant to the execution of the Securities Subscription Agreement amongst Acquirers, IL JIN Electronics (India) Pvt. Ltd. (IL JIN/Target) and Amber Enterprises India Ltd. (Amber) dated 6^th September 2025, and Shareholder’s Agreement between Acquirers, Target, Amber, and Mr. Hyun Chul Sim dated 6^th September 2025 [hereinafter, Acquirers and Target are collectively referred to as the ‘Parties’].

2. The Proposed Combination envisages the acquisition by the Acquirers, collectively, of certain compulsorily convertible preference shares and equity shares of the Target amounting to [unclear in source] of its shareholding.

3. In terms of Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024, vide letter dated 23^rd September 2025, certain information and clarifications were sought from the Acquirers. The Acquirers submitted the response dated 30^th September 2025. Since the response was not complete, another letter was issued on 10^th October 2025, and the response dated 14^th October 2025 was furnished by the Acquirers. The Acquirers also submitted certain voluntary submissions vide email dated 28^th October 2025.

4. Two Infinity is a partnership firm formed under the laws of India. The partners of Two Infinity are either: (a) partners or employees of ChrysCapital Advisors, LLP; or (b) full-time consultants of ChrysCapital X, LLC (CC X) or their affiliates. ChrysCapital Advisors, LLP and Two Infinity are part of the ChrysCapital Group. Two Infinity currently does not have any investments.

5. CC Fund X is the first scheme of the alternative investment fund (AIF), ChrysCapital Trust I, which is registered with the Securities and Exchange Board of India (SEBI) as a category II AIF. Further, ChrysCapital Advisors LLP is the investment manager of CC Fund X and is its signing authority. CC Fund X currently does not have any investments.

6. Raptor is a newly incorporated private limited company registered in Mauritius and is a wholly owned subsidiary of CC X, which is an investment fund of ChrysCapital incorporated in Mauritius. Raptor does not have a physical presence in India.

7. The ChrysCapital funds make investments in sectors such as business services, consumer goods and services (including ancillary services), financial services, healthcare and pharmaceuticals. ChrysCapital Group is present in India through various entities collectively referred to as ‘ChrysCapital Relevant Entities’.

8. IL JIN is a subsidiary of Amber and is a part of the Amber group. Amber group is primarily active in the provision of integrated and diversified B2B solutions across three businesses - consumer durables, electronics, and railway sub-systems and defense.

9. IL JIN provides electronic manufacturing services, including the manufacturing of printed circuit boards (PCBs), PCB assemblies, various box-built products, which are set-top boxes, smart watches, micro-inverters, smart meters, routers, chargers, and true wireless speakers. Further, IL JIN is also engaged in the provision of energy solutions, including uninterrupted power supply, solar inverters, battery energy storage systems (BESS), electric vehicle (EV) chargers, and industrial software and hardware automation solutions through its subsidiaries/affiliates (IL JIN Relevant Entities).

10. It is submitted that the Acquirers, through their affiliate Livguard Energy Technologies Pvt. Ltd. (Livguard), and the Target, through its affiliate Power-One Micro Systems Pvt. Ltd. (Power-One), are engaged in the provision of various energy solutions, namely solar energy solutions, BESS, and EV charging systems. Accordingly, the Parties exhibit horizontal overlaps in the aforementioned markets in India.

11. Market for provision of solar energy solutions: It is submitted that the solar energy solutions market is characterised by a diverse array of services and products dedicated to the generation and distribution of electricity through solar power. This market encompasses utility-scale solar power projects, which are large installations designed to supply electricity to the grid, as well as rooftop solar systems. Solar energy solutions comprise solar inverters, panels/ modules, installation, EPC, O&M, project development, etc. The solar energy solutions market may be segmented at a narrower component level, as each of these products/solutions is distinct and not substitutable with the others. In the present case, the Parties exhibit a horizontal overlap at a narrow level only in the segment for solar inverters, and not in any of the other components, including solar cells, solar modules, solar wires and cables, and solar lights, which form part of the broader solar energy solutions market. The solar inverters segment comprises three different types, namely, on-grid solar inverters, off-grid solar inverters, and hybrid solar inverters[^1]. It is submitted that these are distinct and may be defined as separate sub-segments.

12. Market for provision of BESS: It is submitted that the BESS market encompasses the manufacturing, distribution, integration, and servicing of energy storage batteries across a diverse range of applications. BESS encompasses products and services related to the storage of electrical energy, including various types of batteries, inverters, and associated management systems. The primary function of these solutions is to store (for later use) and supply energy for a range of applications, including renewable integration, backup power, and mobility. The sector is characterised by a variety of battery technologies, such as lead-acid, lithium-ion, nickel-metal hydride, and emerging solid-state batteries. BESS can be designed using different battery chemistries and system configurations. The business activities of the Parties (including their respective affiliates) overlap in the lithium-ion and lead-acid-based BESS segments only. Further, BESS solutions can be deployed as standalone units (off-grid) or integrated (on-grid) with the grid. The distinction between standalone and grid-connected configurations is application-based, depending on the use case (e.g., remote backup versus grid stability). But both serve the common objective of storing and supplying electrical energy to improve reliability, efficiency, and flexibility of power usage. The Parties (including their respective affiliates) exhibit overlaps in both standalone and grid-connected BESS solutions.

13. Market for provision of EV charging systems: The EV charging systems include the design, manufacturing, installation, and operation of infrastructure for charging EVs. This encompasses the equipment required to charge EVs, such as EV chargers, battery swapping systems, energy storage systems, charging management software, and related grid connectivity solutions. It also includes charging stations, connectors, and related software. They may be installed at residential, commercial, or public locations. The EV chargers may be segmented at a narrower component level. In the present case, the Parties (including their respective affiliates) exhibit a horizontal overlap at a narrow level only in AC and DC chargers, which differ in charging speeds and installation requirements while serving the same functional purpose, i.e., charging EVs. It is submitted that AC chargers are typically used for slower, regular charging (e.g., at homes or workplaces), while DC chargers are designed for faster charging in public or commercial locations. It is submitted that the distinction between AC and DC chargers is technical and operational, depending on power output and user requirements. Despite the operational differences, both types are part of a continuum of EV charging solutions.

14. It is submitted that there are vertical relationships between Livguard and Quest Global Services Pvt. Ltd. (Quest) [ChrysCapital Relevant Entities] on one hand and IL JIN and Ascent Circuits Private Limited (Ascent) [IL JIN Relevant Entities] on the other, in India as follows:

• a. Manufacture of PCBs and assembly (including for solar energy solutions) by IL JIN and Ascent (upstream market) and provision of solar energy solutions by Livguard (downstream market);
• b. Provision of PCB design services by Quest (upstream market) and manufacture of PCBs and assembly by IL JIN and Ascent (downstream market); and
• c. Provision of batteries (including segments of lithium batteries and lead-acid batteries) by Livguard (upstream market) and provision of BESS by Power-One (downstream market).

15. Additionally, it is submitted that there was a supply arrangement for the sale of PCBs by Ascent to Livguard in FY2022-23 and FY2023-24.

16. The Commission decided to leave the delineation of the relevant market open, as it was observed that the Proposed Combination is not likely to cause appreciable adverse effect on competition in any of the plausible relevant market(s) in India.

17. Based on the submissions of the Acquirers, the Commission noted that the combined market share of the Parties (including their affiliates) in the provision of solar energy solutions, BESS, and EV charging solutions and their segments is in the range of [0-5]%, except for off-grid solar inverters (a segment of solar energy solutions) and lead-acid-based BESS (a segment of BESS) where the combined market share is in the range of [5-10]%. Further, the incremental market share in all these aforementioned markets and their segments is insignificant.

18. With regard to vertical overlaps and supply arrangement, the Commission noted that the presence of the Parties (including their affiliates) is not such as to cause competition foreclosure in any of the overlapping markets/segments.

19. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have appreciable adverse effect on competition in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

20. This order may be revoked if, at any time, the information provided by the Acquirers is found to be incorrect.

21. The information provided by the Acquirers shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

22. The Secretary is directed to communicate to the Acquirers accordingly.