HAVC JV likely to be formalised by year-end: Hitachi Home

Johnson Controls and Hitachi, and Hitachi Appliances Inc., has signed an agreement to form a heating, ventilation, and air conditioning (HAVC) joint venture (JV).

Speaking about the JV, Gurmeet Singh, Executive Director-Sales, Marketing & BP, Hitachi Home & Life Solutions said 100 percent of the HHIL business would be incorporated in the global Joint venture.The JV will benefit both Johnson Controls and Hitachi with each other sharing their expertise because each manufactures different products, said Singh. Citing no further clarity, he declined to comment on whether HHIL would go through on open offer or would be delisted.The JV he said is likely to be formalised by the end of 2015.Below is the transcript of Gurmeet Singh's interview with Sumaira Abidi and Reema Tendulkar on CNBC-TV18.Reema: What does this mean for Indian entity?A: The Indian entity as of now as we understand is going to remain the way it is today, of course it is a part of the global joint venture (JV) and whatever happens in the future, Hitachi Home & Life Solutions Limited (HHIL) will also be a part of that. Reema: Will the Indian entity continue to remain listed because there will be a change in ownership and there will be an open offer, is there a possibility that the company could be delisted as well?A: There is nothing that we can say on this today. This is purely promoter decision; the promoters are going to follow whatever we understand is according to the Indian laws and conditions. The decision will be taken at later date, whenever the JV is finally formalised.

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