Johnson Controls-Hitachi Air Condition. India reports standalone net profit of Rs 0.49 crore in the September 2018 quarter
Johnson Controls-Hitachi Air Condition. India reports standalone net loss of Rs 7.58 crore in the December 2018 quarter
Amara Raja Batteries (ARBL) announced that Johnson Controls International and the Galla Family reached an agreement by which Galla Family would acquire 2% equity shares of the Company from Johnson Controls. JC and Galla family currently hold 26% shares each in ARBL.
Upon purchase of the 2% shares, Galla family will increase their holding in ARBL to 28%. Consequently, JC and Galla Family agreed to terminate the shareholders and other allied agreements with effect from 01 April 2019.
ARBL had an ongoing Technical Assistance agreement entered in the year 1997 with JC and has fully absorbed all critical technologies over the years.
During this period the company has built significant engineering capabilities to independently develop advanced technology for manufacturing of AGM batteries for motor cycle and commercial UPS segments and tubular batteries for Home UPS segment. Demonstrating Reverse Innovation capability, ARBL has also developed unique products conforming to JC's global customer requirements.
Subsequent to signing PowerFrame Technology license agreement in September 2018, ARBL has received complete technology know-how and the recently announced capacity expansion project with advanced stamped grid plate making process is progressing as per scheduled timelines. Further, JC will continue to provide technology assistance to ARBL for an additional period as mutually agreed.
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