Amber Enterprises India added 2.91% to Rs 3,319.55 after the company signed a definitive agreement to acquire a 50% stake in a joint venture, Resojet Private, to carry on the business of manufacturing washing machines.
Resojet is a part of LCGC Resolute Group, Hyderabad, engaged in the business of manufacturing, assembling, owning, designing, developing, engineering fully automatic top loading and front-loading washing machine(s).The company will invest Rs 35 crore to acquire 50% stake in Resojet. The said acquisition will be completed on or before 31 May 2024.
The firm and LCGC Resolute Appliances LLP will have equal control in Resojet. The parties have entered into an investment cum joint venture agreement to enter into 50:50 joint venture, to carry on the business of manufacturing of fully automatic top loading and front-loading washing machine(s) and its component.
This joint venture will facilitate both the companies to cater with the evolving customer needs, deliver high quality products, and develop the local manufacturing ecosystem in India.
Amber Enterprises India is principally engaged in the business of manufacturing of consumer durable products.
The household appliance maker reported consolidated net loss of Rs 0.48 crore in Q3 FY24 as against net profit of Rs 14.15 crore posted in Q3 FY23. Revenue from operations fell 3.97% YoY to Rs 1,294.76 crore during the period under review.
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