Asia Investments UK Private Limited and ANEVOLVE Private Limited have finalized a deal to purchase a majority interest in APAG Holding AG, a Switzerland-based company specializing in electronics for the automotive sector. The deal was confirmed on July 30, 2025, after over a year of discussions.
As part of the agreement, the Indian investors will acquire 63% of APAG’s shares through a direct capital investment. The arrangement includes an option to gradually increase their stake to full ownership by the 2029-30 financial year. This move aligns with ANEVOLVE’s broader efforts to grow its presence in the automotive electronics space.
APAG manufactures products such as electronic control units and lighting components used in vehicles. The company, headquartered in Switzerland, also runs operations in the Czech Republic, Germany, Canada, the U.S., and India. Its client list includes top-tier suppliers and major vehicle manufacturers across Europe and other regions.
For the financial year ending March 31, 2025, APAG recorded approximately $93 million in revenue. While the company holds a solid position within the automotive electronics industry, evolving market conditions and shrinking profit margins have highlighted the need for additional investment.
ANEVOLVE, based in New Delhi, is focused on building technologies for sustainable transportation and related applications. It presents itself as a next-generation manufacturing player in the automotive field. Asia Investments UK functions as the offshore investment arm of the promoter group led by Jaisal Singh.
Mr Singh, who chairs Asia Investments UK and founded ANEVOLVE, said APAG’s expertise and established relationships in the sector would boost the group’s capabilities in advanced vehicle electronics. Anand Kanoria, CEO and Delegate of the Board at APAG, said the partnership would enhance financial confidence among customers and provide the company with structured governance and support under the ANAND Group. This acquisition comes at a time when the global auto industry is under pressure, with companies needing to invest heavily to keep up with technological changes and maintain their market position.
Anevolve Private Limited is the cleantech platform of the Anand Group, established in early 2023 by Jaisal and Anjali Singh to spearhead sustainable mobility and clean‑technology initiatives in India. Through its POWERTRONICS division, Anevolve recently opened a world‑class manufacturing facility in Bhiwadi, Rajasthan, dedicated to producing EV inverters, onboard chargers, AC/DC converters, and power distribution units—aligning with the government’s “Make in India” strategy.
The company operates an advanced R&D hub, the Anevolve Headspring Engineering Centre (ANHS), located near Gurugram. Established through a joint venture with Japan’s Headspring Inc., this facility focuses on power electronics for electric vehicles, including BLDC controllers, on-board chargers, and inverter modules for two-, three- and four‑wheelers.
Anevolve also holds a majority stake in APAG Holding AG, a Swiss automotive electronics firm that builds ECUs and ambient lighting systems for global OEMs. The acquisition, finalized in July 2025, aims to strengthen Anevolve’s global technology footprint, with plans to move to full ownership by fiscal 2029–30.
Founded with an investment goal exceeding ₹1,000 crore, Anevolve is targeting ₹3,500 crore in revenues by FY 2028 and plans to hire approximately 2,500 professionals across innovation, engineering, and manufacturing functions. Anevolve’s long‑term strategy is anchored in localized manufacturing, in‑house innovation, and reducing import dependence. The company delivers solutions that span mobility, automotive electronics, and broader clean‑technology applications—establishing itself as a major player in India’s emerging cleantech ecosystem.
