Amber Enterprises India has entered into o the definitive agreements with Pasio India (Pasio) and acquired 73% stake in the equity share capital of Pasio, which is engaged in the business of (i) cross flow fans and its plastic parts, (ii) fans and fan guard for outdoor units of room air conditioners, (iii) plastic parts for water dispenser and refrigeration applications (other than automobile industry) and (iv) plastic parts for seats of trucks, tractors and buses (Business).
The Business is being acquired by Pasio from Pee Aar (a private limited company), one of the leading cross flow fans manufacturer in India along with other plastic components for various industries, on slump sale basis during the financial year 2021-22.
By virtue of the aforesaid acquisition of 73% stake in equity share capital of Pasio, the Pasio has become a subsidiary of Amber Enterprises India with effect from 1 December 2021.
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