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Johnson Controls-Hitachi Air Conditioning India Ltd. Company History and Annual Growth Details

1984 - The Company was Incorporated as a private limited company on 7th
December in the name of Acquest Air Conditioning Systems Pvt.
Ltd. It was converted into a public limited, on 30th June, 1989.
Name was changed to Amtrex Appliances on 14th September, 1990.
Its manufacturing facilities are situated at Kadi, a notified
backward area in North Gujarat for manufacture of air
conditioners. Air conditioners consisting of window, split and
multi split are marketed under the brand name 'Amtrex'.

- The Company's object is to manufacture air conditioning and
refrigeration appliances and other durables.

1989 - All shares taken up by promoters, directors etc.

1990 - Equity shares sub-divided. 18,50,000 shares of Rs.10 each then
issued at par of which 13,50,000 shares reserved and allotted on
a firm basis to promoters, directors etc. Of the remaining
5,00,000 shares, 92,500 shares reserved for allotment on a pref.
basis to employees of the Company as well as promoter companies
(only 24,000 shares taken up). The balance 4,07,500 shares,
along with 68,500 shares not taken up by employees, were offered
for public subscription during February 1991 (all were taken up).
Additional 2,77,500 shares allotted to retain oversubscription.

1991 - The Company issued through a prospectus the following:

- (A) Equity shares: 18,50,000 No. of equity shares of Rs.10 each
of which 13,50,000 shares issued on firm allotment basis to
promoters, directors etc. Of the remaining the following were
reserved for allotment on preferential basis:

- (i) 92,500 shares to employees;

- (ii) 4,07,500 shares issued to the public. Additional 2,77,500
shares allotted to retain oversubscription.

- (B) Fully convertible Debentures: 2,64,000 - 14% secured fully
convertible debentures of Rs.125 each were also issued as

- (a) 13,200 debentures to employees;

- (b) 2,50,800 debentures also were issued to the public.
Additional 39,600 debentures allotted to retain oversubscription.

- Part A of Rs.50 of each debenture was converted into 5 equity
shares of Rs.10 each on the date of allotment; 15,18,000 shares
were allotted.

- Part B of Rs.75 was converted into 75 No. of equity shares for
every 20 debentures held, on 15.10.1992 of Rs.10 each at a prem.
of Rs.10 per share. Accordingly 10,75,500 shares were allotted.

- In July, the company launched the Amtrex-Shizuka range of wall
mounted split air-conditioners.

1992 - The company proposes to issue 9,83,193 Fully Convertible
Debentures on rights basis, to raise Rs. 15.23 crores from the
capital market.

1993 - The Company undertook to upgrade its technology and increase
installed capacity from 24000 units of air conditioners to 50,000
units per year.

- The company launched the 6,000 K. Cal (2.0 Ton) Cooling models
manufactured in technical collaboration with Hitachi Ltd.,

- During the year, Avikal Investments Ltd. became a subsidiary of
the company.

1994 - During March-April, the Company issued 9,36,375-14% fully
convertible debentures of Rs.155 each on Rights basis in prop. 1
debenture : 4 equity shares held. Another 3400 debentures were
issued to employees (only 120 debentures taken up).

- Part A of Rs.50 of the face value of each debenture was converted
into 2 equity shares of Rs.10 each at a prem. of Rs.15 per share
on the date of allotment of debenture. Accordingly 18,72,990
shares were allotted.

- Part B of Rs.105 of the face value of each debenture was
converted into 3 equity shares of Rs.10 each at a prem. of Rs.25
per share on 1.10.1995.

1995 - The Company launched two major products viz. HAIKU, a 0.75 Ton
window Air conditioner with Hitachi Rotory Compressor, QUADRA, a
ceiling mounted split Airconditioner with Hitachi scroll
compressor in 4.0 Ton capacity.

- AMTREX entered into a Distributorship Agreement with IMI
corneilins of U.K. for marketing and servicing of Dispensers in
India. The Company has also enhanced the production capacity of
Airconditioners from 50,000 units to 1,00,000 units.

- 28,09,485 No. of equity shares allotted on conversion of Part 'A'
of 14% FCD.

1996 - The Company has also now fully geared up to receive ISO 9001
certification by year end.

- The Company has also launched KAIZEN in manufacturing operations
and has made significant contribution to work culture among the

1997 - The Company, successfully launched and marketed imported soft
drink fountains.

- Amtrex has entered into a Technical Collaboration with ORFORD
REFRIGERATION of Australia for manufacturing Visi-Coolers, a
Commercial Refrigeration product.

- The Company has launched Just In Time (JIT) Programme.

- Rating of 'FA+' assigned by CRISIL to the Fixed Deposit Scheme of
the company has been retained.

1999 - The Company introduced 3 new models of Room Air-conditioners,
which received encouraging response.

- The Company's manufacturing facilities, became the seventh base
worldwide for production of Hitachi brand Air-conditioners.

- The Company has launched 4 new models under the 'Hitachi' brand,
which have been well received by the market.

- With effect from 1st April, Mr. Yuuhiko Yabe has been appointed
as the Joint Managing Director.

2000 - The Company joint venture between Hitachi Ltd, Japan, and the
Ahmedabad-based Lalbahi group, has posted an impressive 33 per
cent growth in revenue.

- Crisil has reaffirmed the 'FA+' rating assigned to the fixed deposit
programme of the company.

2001 - The Company a joint venture between Japanese conglomerate Hitachi and the
Lalbhai group, is currently working on plans to broad base its presence in India by
introducing a range of Hitachi retail and home appliances products.

2003 -Lalbhai Group Nominees Mr Sanjay S Lalbhai, Chairman and Mr Naishadh Parikh, Managing Director has resigned from the Board of Directors of the Company and Hitachi inducted Mr Shinya Yoshinaga as Chairman, Mr Shoji Tsubokuta as Managing Director and Mr Makoto Takeshita as Additional Director.

-Mr. Mahesh Agrawal, GM Legal & Company Secretary has resigned from the Company.


-Allots 82,91,043 equity shares on rights basis of Rs 10/- each on January 30, 2004

-Launches new range of window air-onditioner (AC), Hitachi Quadricool, in Chandigarh

- Announces the launch of five new cooling solution products for the Indian market on September 9, 2005. The products include the Sense I split air conditioner, two models of the floor standing Hitachi Tower air conditioner, the Microcool Cassette ceiling air conditioner and the high end Quadricool window air conditioner.


-Hitachi unveils two new products Quadricool TM and Atom UV.


-Hitachi Home & Life Solutions India Ltd has appointed Mr. Akira Kamitani as Chairman and Director of the Company with effect from April 01, 2007.


-Hitachi Home & Life Solutions India Ltd has appointed Mr. Kenichi Munakata as Chairman and Director of the Company with effect from February 01, 2008.

-Hitachi Home & Life Solutions India Ltd has appointed Dr. Anwar Ali, Mr. Ashok Balwani and Dr. Devender Nath Dave as independent directors of the Company.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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