Amber Enterprises to pick 50% stake in Resojet

Hyderabad: Amber Enterprises, a solution provider for HVAC (Heating, Ventilation, Air Conditioner) industry has signed a definitive agreement to acquire 50 per cent stake in Resojet Pvt Ltd, a part of Hyderabad-based LCGC Resolute Group. The acquisition is likely to be completed on or before May 31, 2024.

Under the agreement, Amber and LCGC Resolute Appliances LLP will have equal control over Resojet and carry on the business of manufacturing fully automatic top loading and front-loading washing machines and its components.

An official release said that Amber Enterprises will invest in Resojet to acquire 50 per cent stake in the JV Company through Cash Consideration by way of fresh equity infusion. This amalgamation with Amber Enterprises India Limited with LCGC Resolute Appliances Group will strengthen the Indian consumer and electronics market in terms of components manufacturing and finished goods, in the consumer durable industry. This JV is a step in the right direction in catering to global and domestic OEMs market demands in the consumer electronics sector, it added.