Johnson Controls-Hitachi Air Condition. India Ltd Share Price

History of Johnson Controls-Hitachi Air Condition. India Ltd

Johnson Controls-Hitachi Air Conditioning India Company (formerly known as Hitachi Home and Life Solutions (India) Limited) was incorporated on December 07, 1984 as 'Acquest Air Conditioning Systems Private Limited'. It was converted into a deemed public limited company in June, 1989 and the name of the Company was changed to 'Hitachi Home & Life Solutions (India) Limited'. Further, the name was changed from 'Hitachi Home & Life Solutions (India) Limited' to 'Johnson Controls-Hitachi Air Conditioning India Limited' on 19 August 2016. Company is a joint venture of Johnson Controls, US and Hitachi Global Life Solutions, Japan. Through this joint venture, it has combined the rich heritage and innovative technology of Hitachi with the industry-leading expertise and global network of Johnson ... Controls. At present, Company manufactures a wide range of products, from Room Air Conditioners such as Split and Window Air Conditioners to Commercial Air Conditioners, including VRF Systems, Ductable Air Conditioners, and Telecom Air Conditioners, under the brand name of Hitachi Cooling & Heating'. On 22, Jan.' 99, the Company issued 5165490 equity shares to Hitachi, Japan and Hitachi India Pvt Ltd., on prefrential basis making Hitachi group co-promoter of the company along with Lalbhai group. Subsequently it has been renamed Amtrex Hitachi Appliances Ltd. It has a technical collaboration with Hitachi, Japan. Amtrex is a leading manufacturer of air-conditioners. It has two plants, one at Kadi, Gujarat (a backward area), manufacturing air-conditioning and refrigeration appliances and other durables, the other at Silvassa manufacturing air-conditioners. It currently manufactures room air-conditioners consisting of window, split and multi-split air-conditioners under a technical collaboration with Hitachi, Japan, and markets them under the Amtrex brand. AHAL has entered into a joint venture with Cornelius, US, which will hold 51% of the equity in the venture. In May 2000, the company introduced 'Kalmin' a new 1.5-ton window AC with a unique feature of sleep mode which saves on power to a extent of 34%. The company has adopted the technology route and is constantly developing and introducing new models along with upgrading existing models in all categories of Air-conditioning products. During 2000-01, the company has introduced new 'LOGICOOL' range of Window and Split Air-conditioners. The Company had, vide Letter of Offer dated 27 February 2013, offered fully paid-up Equity Shares at a price of Rs. 130 per Equity Share (including face value of Rs. 10 per Equity Share and share premium of Rs. 120 per Equity Share) to the Equity Shareholders of the Company on a Rights Basis in the ratio of 1 Equity Share for every 5 Equity Shares held by the Equity Shareholders on the record date, i.e. 6 March 2013. Company has made allotment of 4,230,876 Equity Shares on 8 April 2013 aggregating to Rs. 5500 Lacs. Proceeds of the Rights issue has been fully utilized for the objects stated in the Offer Document. During the year 2015, the Company shifted Jammu manufacturing facilities to its main plant at Karan Nagar, Kadi, Dist.: Mehsana, Gujarat to centralise the production activity. During the year 2016, the Company developed a Heat Pump Inverter Air conditioner, which can operate from -10 to 52C. The Company developed smart i-connect range of Split Air conditioners with Wi-Fi connectivity, which can be operated from any Android or Apple (iOS) Smart Phone. Apart from innovation in Split ACs, the Company's R&D facility also started a local production of 4 - way cassette indoor units and started development of the DX kit to operate Air Handling Units (AHUs) with Set Free Outdoor units in FY 2016. In FY 2016, the Company launched its new range of Air Purifiers, which caters to increasing, demand of Air purifiers in Delhi and other Metro cities. On 1st October 2015, Johnson Controls Inc. and Hitachi Appliances, Japan completed a global joint venture and commenced the operations of 'Johnson Controls-Hitachi Air Conditioning'. Johnson Controls-Hitachi Air Conditioning India Limited is a subsidiary of Johnson Controls- Hitachi Air Conditioning. Through this joint venture, the Company combined the rich heritage and innovative technology of Hitachi with the industry leading expertise and global network of Johnson Controls. The Company launched the 6.1 ISEER Split Inverter Air Conditioner in the Indian market during FY 2016. In FY2016, the Company developed DFET (Dual Flow Expansion Technology) and launched 5 star rated machine in 2.0 TR capacity, which is the only 5 star rated model in India in its class and introduced inverter type 'Spacemaker' models for telecom sector which save 30% more power as compared to the conventional 'Spacemaker' Model. Additionally, two APF Labs upto 3 TR capacity for room Air conditioners were also installed. These labs have (National Accreditation Board for Testing and Calibration Laboratories) NABL accreditation too. During the year 2019, the Company has setup the global design center and spent capital expenditure of Rs 610 million. During the year 2019, the Company started providing design and development services to Group Company to design, and/or support development and improvement of features in new and existing air conditioning products. In FY'20, the Company introduced airCloud Pro in Indian Market which helped customer in accessing and controlling entire VRF system centrally. It inaugurated new Global Development Center (GDC) in Kadi, Gujarat (India) on 4th Oct 2019. It introduced Hitachi air' concept for a perfectly balanced and harmonious indoor air experience. It ventured into export business segment and started exporting products to to South Asian countries, like Nepal, Bhutan, Sri Lanka and Maldives and South East Asian Countries like Indonesia and Vietnam. In February 2021, Company had made a robust plan for summer season of 2020 with new product offerings with latest technology and advanced features and was ready to reach out to the customer through strong & nationwide channel network with aggressive marketing strategies & plans. It launched new products viz. Kiyora - 5 star Inverter series and Shizen - 3 star inverter series. Apart from new design aesthetics of Kiyora & Shizen, it introduced, a unique feature called Ambience Light', to choose the preferred ambience at a glance to the Air Conditioner. Other features added in existing range of products included (a) WiFi technology Split AC model featured with voice command & mobile app control of Split AC from anywhere (b) Frost wash technology in 3 star inverter category, which cleans the evaporator coil with just a press of a button (c) Heat pump Inverter model which can work between -20 deg C to +52 deg C in 3 star category which is an addition to already having similar feature in 5 star model. [Heat pump models are popular in Northern region] (d) Inverter compressor technology introduced for window AC category (e) expanded the large tonnage capacity range of Takeshi model ranging from 1.7 Tr to 3.1 Tr for big size rooms and (f) Launched 1.0 TR Inverter Split AC in fresh look with introduction of stunning design of outdoor unit & new indoor unit. With the change in the star rating criteria from July 2022, it upgraded and launched ready models from the current line up to qualify for new star rating. It strengthened the sales channel & registered more than 45% growth in Inverter Split Air conditioners & more than 17% growth in Fixed speed Split AC category. The Company worked on strengthening existing channels, expanding nationwide service network, bringing efficiencies to supply chain, enriching product portfolio which helped increasing its presence in Tier 2 & 3 cities as well. It introduced VRF Sigma series in the Indian market and became the only Japanese brand having biggest single module upto 24 HP and combination upto 96 HP. VRF Sigma series adopted all inverter compressor design with newly designed high efficiency DC inverter compressor having precise frequency control in the range of 0.1Hz increments with 110 steps. It launched SideSmartTM in 2021 with a leading-edge design and technology. In 2022-23, Company introduced future-ready inverter models starting from March 2022 to comply with the new star rating criteria effective from July, 2022. It launched new airHome series of split air conditioners - both inverter and fixed-speed categories in 2023. For the first time in years, it launched a whole package of indoor units, outdoor units, and remote control units as airHome. In 2024, Hitachi introduced AQtiv-Ion, a built-in ionizer that releases negatively charged particles to bind with with pollutants in the air and further launched the airCloud Home, a Wi-Fi-enabled AC series. It launched the latest addition 'VRF air365 Max' as a product to commercial portfolio in November 2024. The Company introduced two new user-centric features: SmartView Display and 4-Way Swing in FY 2025.