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    HomeNewsBusinessStocksHitachi up 3%; foreign promoter divests stake into a JV

    Hitachi up 3%; foreign promoter divests stake into a JV

    As per the agreement, Johnson Controls has acquired 60 percent ownership stake of the new entity, which has more than 350 billion yen (around Rs 2.8 billion) sales annually.

    October 05, 2015 / 14:02 IST

    Moneycontrol Bureau

    Shares of Hitachi Home & Life Solutions jumped over 3 percent intraday on Monday. Foreign promoter Hitachi Appliances has divested stake in Hitachi Home into a global joint venture.

    "Hitachi and Hitachi Appliance has announced completition of global joint venture agreement and will immediately commence operations of Johnson Controls-Hitachi Air Conditioning," an official statement said.

    As per the agreement, Johnson Controls has acquired 60 percent ownership stake of the new entity, which has more than 350 billion yen (around Rs 2.8 billion) sales annually. Hitachi Appliances has retained ownership of the remaining percent of the company.

    At 11:31 hrs Hitachi Home & Life Solutions was quoting at Rs 1,505.00, up Rs 17.20, or 1.16 percent on the BSE.

    first published: Oct 5, 2015 02:02 pm

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