plans to acquire the bus air-conditioning division of Sphere Refrigeration Systems. The company’s wholly-owned subsidiary KRN HVAC Product shas signed a Business Transfer Agreement with Sphere Refrigeration Systems to execute the deal.
Under the agreement, KRN HVAC will take over all operations, assets and employees associated with SRSPL’s Bus Air-Conditioning business.
Upon completion, the division will be fully integrated into KRN HVAC’s operations, expanding the company’s product portfolio across the transport and mobility cooling segment and contributing to the company’s growth in revenue, profitability, and market reach in the coming years.
The acquisition will aid KRN’s strategy to build a diversified HVAC business portfolio catering to industrial, commercial and mobility applications.
The bus air-conditioning segment represents a growing opportunity area, driven by increasing demand for passenger comfort, energy efficiency and sustainable cooling technologies in India’s rapidly modernizing transportation sector, said the company.
By integrating SRSPL’s proven expertise in bus climate control systems with KRN’s robust manufacturing capabilities and engineering know-how, the company aims to unlock strong synergies in design, production and distribution.
Santosh Kumar, Chairman and Managing Director, KRN Heat Exchanger and Refrigeration said the acquisition of Sphere’s bus air-conditioning business strengthens presence in the automotive HVAC segment and supports the company’s goal to become a complete solutions provider across industries.
Shares of the company was down marginally at ₹838 around 1.15 pm on Wednesday.