| Amber Enterprises India Limited was incorporated as a Private Limited Company with the name 'Amber Enterprises India Private Limited' on April 2, 1990 at Jalandhar, Punjab. The Company converted into a Public Limited and consequently, name of the Company was changed to Amber Enterprises India Limited on September 22, 2017.
The Company is a market leader in Room Air Conditioner (RAC) original equipment manufacturer (OEM)/original design manufacturer (ODM) industry in India. The Company is engaged in the business of manufacturing of consumer durable products. It design and manufacture wide range of products which includes RAC, RAC & Non-RAC components & HVAC solutions for mobility applications. It currently has 23 manufacturing facilities across 8 locations in India, located close to customers enabling faster turnaround.
The Company designs and manufactures complete RACs including window air conditioners (WACs) and indoor units (IDUs) and outdoor units (ODUs) of split air conditioners (SACs) with specifications ranging from 0.75 ton to 2 ton, across energy ratings and types of refrigerant. It designs and manufactures Inverter RACs on ranging from 1 ton to 2 ton. It manufactures critical and reliability functional components of RACs such as heat exchangers, motors, inverter and non-inverter printed circuit boards and multi-flow condensers. It manufactures other RAC components such as sheet metal components, copper tubing and injection molding components. It also manufactures components for other consumer durables and automobiles such as case liners for refrigerator, plastic extrusion sheets and printed circuit boards for consumer durables and automobile industry, sheet metal components for microwave, washing machine tub assemblies and for automobiles and metal ceiling industries.
The Company's key customers include leading RAC brands such as Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool. It has built strong and longstanding relationships with the customers by aligning its offerings with their business needs. It provides them with a range of additive manufacturing solutions at their doorsteps by supplying them components and RACs through OEM/ODM models. In recognition of efficient services and products, the company has received several awards from its customers such as Best of Best Performance Award' from LG for 2015 and 2016 and Leadership Business Innovation Award' from Panasonic for 2015-2016.
In 1994, the Company established its first factory at Rajpura. During the year 2003-04, it commenced plant operations at Dehradun for RAC manufacturing for LG. In 2004, Dehradun Factory Unit - 4 was established.
In 2005-06, it started manufacturing microwave ovens for LG. in 2008, the Company's Noida Ecotech unit commenced operations. During the year 2007-08, it started manufacturing heat exchangers. In 2009, Dehradun Factory Unit - 5 was established.
In 2010, Kasna Unit, Kala Amb Unit, Pune Unit and Dehradun Factory Unit - 6 were established. In 2011, Green India Venture Fund made investment in the Company.
In 2012, Jhajjar Unit was established. During the year under review, Reliance Alternative Investments Fund - Private Equity Fund Scheme - I made investment in the Company.
The company entered into a share purchase agreement (SPA) dated November 10, 2012 with Rakesh Dewan, Kavita Dewan and PICL (India) Private Limited (PICL) for acquiring the entire shareholding of PICL for an aggregate consideration of Rs 48.97 crore. As an integral part of the SPA, the parties also entered into a non-compete and non-solicitation agreement dated November 10, 2012. PICL is involved in the business of manufacturing various kinds of fractional horse power motors for WACs, ODUs of SACs and commercial air conditioners.
In 2017, Ascent Investment Holdings Pte. Limited acquired the stake of Reliance Alternative Investments Fund - Private Equity Fund Scheme - I in the company, thus providing exit to Reliance Alternative Investments Fund - Private Equity Fund Scheme - I. During the year 2017-18, Appserve Appliance Private Limited was incorporated as a Subsidiary of the Company.
Amber Enterprises India Limited entered into a Share Purchase Agreement dated November 11, 2017 with IL JIN, Hyun Chul Sim (HCS) and Su A Lee (SAL) for purchase of 1,320,613 equity shares of IL JIN from HCS, equivalent to 70% of IL JIN's outstanding equity shareholding, which completed on December 28, 2017.
The Board of Directors of Amber Enterprises India Limited at its Meeting held on March 9, 2018, acquired 70% Equity Share Capital of Ever Electronics Private Limited (EVER). On 29 June 2018, the Company informed the stock exchanges that Promoters of Ever Electronics Private Limited (EVER) has requested for extension of time limit for completing the Condition Precedent for acquiring balance 51% of stake of total Share Capital of Ever by the Company i.e. Amber Enterprises India Limited. Pursuant to above request, Company has extended the timeline to complete the acquisition of balance stake of 51% by December 31, 2018 in one or more tranches. As on date, the Company has made an investment of 571.50 Lakh for acquisition of 1,040,149 Equity Shares of Ever Electronics Private Limited (EVER) which represents 19% of the total Share Capital of EVER.
The Company has executed Letter Agreement dated 1st October 2018 entered into by and between the Company i.e. Amber Enterprises India Limited, Ever Electronics Private Limited, Vision Creative Limited and Mr. Hyun Chul Sim, by virtue of said Agreement, and Ever has become the subsidiary of Amber.
In FY 2018-19, on 17 October 2019, Company acquired 51% stake of equity share capital of EVER, and consequently became the subsidiary of AEIL on 1 October 2018.
In FY 2019-20, it acquired 80% stake of equity share capital of Sidwal Refrigeration Industries Private and became subsidiary of the Company effective from 02 May, 2019.
In financial year 2020-21, Company acquired balance 20% stake of equity share capital of Sidwal Refrigeration Industries Private Limited on 18 September 2020, and Sidwal became Wholly Owned Subsidiary of the Company.
During financial year 2021-22, IL JIN Electronics (India) Private Limited (IL JIN) and Sidwal Refrigeration's Industries Private Limited (SIDWAL), were material subsidiaries of the Company. The Company have started three new facilities one in Kadi (Ahmedabad), other in Supa (Pune) and third one in Chennai (Kancheepuram) for expanding Room Air Conditioners and Components capacities along with geographical reach.
During FY 2021-22, the Company invested USD 100,000 in Amber Enterprises USA Inc. and has become Wholly Owned Subsidiary of the Company w.e.f. 13 September, 2021.
The Company acquired 73% stake in the equity share capital of AmberPR Technoplast India Private Limited on slump sale basis during 2021-22 and became a subsidiary of the Company with effect from 1 December 2021. It acquired 60% stake in the equity capital of Pravartaka Tooling Services Private Limited and became a subsidiary of the Company effective from 01 February, 2022.
During the Financial Year 2022-23, the Company started 5 new manufacturing facilities for expanding Room Air Conditioners and Components capacities alongwith geographical reach, one in Sri City (Andra Pradesh), second in Supa (Maharashtra), third in Rudrapur (Uttarakhand), fourth in Thiruvallur (Chennai) of its subsidiary Pravartaka and fifth of Kanchipuram, (Tamil Nadu) of the material subsidiary, IL JIN Electronics (India) Private Limited. |