ST. PETERSBURG, FL -- Jabil Circuit has exercised an option to acquire all the outstanding stock of Celetronix International Ltd., a privately held electronics manufacturer based in India.

abil loaned $25 million to Celetronix in fiscal 2005 in exchange for an option to purchase 100% of the shares of the company. The incremental purchase price for the acquisition is expected to be approximately $155 million plus the assumption of approximately $30 million of net debt, putting the total cost at $205 million.  The deal is subject to government and Celetronix shareholder approval. A March closing is expected.

Jabil president and CEO Timothy Main said in a statement, “We believe India will become an increasingly important location to support hardware development and manufacturing for export to the global market. The complementary capabilities of Celetronix will make us the dominant provider of services to and from this important emerging market.”

Celetronix provides design and manufacturing services for consumer, computing and storage.

The acquisition will add 5,750 employees and 270,000 sq. ft. of manufacturing space in Mumbai, Chennai and Pondicherry. Jabil currently manufactures in 176,000 sq. ft. in Ranjangaon, India.