Saudi Arabia-based Zamil Industrial Investment Company, a manufacturing and industrial conglomerate, has completed the acquisition of Advantec Coils Private Limited by picking 70 per cent stake for an undisclosed amount.
Zamil Industrial, which had acquired 30 per cent stake in Advantec Coils in February 2008, has bought the remaining stake from its joint venture partner and renamed the company as Zamil Air Conditioners India Private Limited (ZAC India).
Headquartered in New Delhi, ZAC India has two manufacturing facilities in Nalagarh, Himachal Pradesh, with a combined installed production capacity of 1.2 million units per annum. The product range of ZAC India currently comprises of residential and commercial air conditioners and it also manufactures international brands under OEM agreements.
ZAC has also launched residential, commercial and industrial air conditioners under the Zamil brand-name in the India market. The AC market is dominated by firms such as LG, Samsung, Voltas, Hitachi, Daikin, Panasonic, Whirlpool among others. There are number of other small brands in the country.
Osama Al-Bunyan, COO, Zamil Industrial, said, “It has been our consistent attempt to integrate our business units vertically as well as horizontally. The acquisition of 100 per cent stake in ZAC India is a result of the company’s overall strategic direction of value play to leverage multiple investments profitably.”
Dinesh Vijapurkar, director, Zamil Air Conditioners India, said, “With the acquisition, we will now be able to offer technology at competitive prices thereby revolutionizing the air conditioner market not just in India but also the SAARC region.”
Following the acquisition, ZAC India would now have direct access to the parent company’s air conditioner arm, Zamil Air Conditioners in Saudi Arabia, as well as to associate companies Clima Tech/ Geoclima in Italy. This would enable it to foray into turnkey solutions thereby becoming the only company to manufacture end-to-end turnkey solutions in the country.
(Edited by Prem Udayabhanu)