Amber Enterprises Ltd has executed an agreement to acquire a 50 per cent stake in Resojet Pvt Ltd., a part of LCGC Resolute Group, Hyderabad, to manufacture ront-loading washing machines and their components.
According to the stock exchange filing, Amber will invest ₹35 crore in Resojet to the stake in the JV company, and it is estimated to be completed on or before May 31, 2024. Both Amber and LCGC Resolute Appliances LLP will have equal control in Resojet.
The joint venture will facilitate both companies to cater to the evolving customer needs, deliver high-quality products, and develop the local manufacturing ecosystem.
Amber Enterprises stock rose 4.42 per cent on the NSE to trade at ₹3,365.10 as of 2.09 pm.