M&A

M&A

Germany’s Bosch acquires majority stake in AC maker JCHAI

BSE Announcement   BSE Announcement   Economic Times  

Germany’s Robert Bosch GmbH has acquired a 74.2% stake in Ahmedabad-based publicly listed AC manufacturer Johnson Controls-Hitachi Air Conditioning India (JCHAI) from the parent entities, Hitachi and Johnson Control International.A year ago, Bosch announced the takeover of the global AC solutions business for residential and light commercial buildings from Johnson Controls and decided to acquire 100% of the Johnson Controls-Hitachi Air Conditioning joint venture, including Hitachi’s 40% stake.JCHAI manufactures a wide range of cooling products, from room, commercial and ductable air conditioners under the Hitachi Cooling & Heating brand name. In the April-June quarter, JCHAI sales fell by 14% year-on-year to Rs 852 crore.

In Jul 24, Johnson Controls-Hitachi Air Conditioning India Ltd's 25.75% stake had been acquired by Robert Bosch GmbH via an open offer to public shareholders.