Amber Enterprises India Ltd. board on Saturday approved the proposal for acquiring the business of wholly-owned subsidiary AmberPR Technoplast India Pvt via slump sale as part of internal restructuring of operations. The slump sale is expected to complete on or before Sept. 30, subject to regulatory, statutory and other approvals, according to an exchange filing.
"The proposed transaction does not form part of any Scheme of Arrangement. The slump sale is being proposed to be undertaken through a Business Transfer Agreement between the Company and AmberPR," the filing said.
The cash consideration will be calculated on the date of closing of the deal and will be intimated after completion.
AmberPR Technoplast is engaged in the business of crossflow fans and its plastic parts, fans and fan guards for outdoor units of room air conditioners and plastic parts for other industries. The company reported a turnover of Rs 121 crore in the previous fiscal year.
Both Amber Enterprises and AmberPR form part of the consumer durables segment of the Amber Group.
The internal restructuring of businesses will enhance financial and commercial efficiency by optimising resource use and streamlining operational processes. It will also enable more accurate benchmarking against industry peers and provide Amber with greater flexibility to expand into the B2B sector, the company said.
Amber Enterprises is a prominent solution provider for the heating, ventilation, and air conditioning industries. It has a presence in room air conditioners, complete built unit and major RAC components, with 27 manufacturing facilities across India focussing on different product segments.
The industry is expected to witness 30–35% growth in this financial year, according to Jasbir Singh, chairman and CEO of Amber Enterprises India. In an interview with NDTV Profit, Singh said growth in the sector could also reach around 40% if the fourth quarter of the current financial year saw robust demand.
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