It sems Bosch is getting into the aircon business as it just bought a company that makes AC units, largely based in India, but it may go global under Bosch.
Robert Bosch Gmbh took control of AC maker Johnson Controls-Hitachi Air Conditioning India (JCHAI).
Bosch has bought a 74.2% stake from JCHAI’s parent entities, Johnson Controls-Hitachi Air Conditioning Holding (UK) and JCHAC India HoldCo Ltd, effective July 31, according to a filing by JCHAI.
Financial details of the deal were not disclosed.
The acquisition is part of a global deal announced by Bosch about a year ago. In this deal, Bosch plans to take over Johnson Controls’ AC solutions business for residential and light commercial buildings.
As part of the deal, Bosch has decided to wholly acquire the Johnson Controls-Hitachi Air Conditioning joint venture in India, including Hitachi’s 40% stake. This makes the global deal the biggest-ever in Bosch’s history, valued at $8 billion.
Last year, Bosch stated its intention to globally integrate the acquired AC business. However, industry executives later clarified that in India, the decision will be made after the completion of the open offer, as JCHAI is a listed entity.
