Shares of KRN Heat Exchanger and Refrigeration Ltd soared 8% on Tuesday, 7 October, after the company announced signing a Business Transfer Agreement (BTA) with Sphere Refrigeration Systems Private Limited to acquire its bus air conditioning division.

KRN Heat will acquire Sphere Refrigeration’s bus air-conditioning company, including its operations, assets, and staff. Once completed, the division will be completely integrated into KRN Heat’s operations, broadening the company’s product line in the transport and mobility cooling segment and contributing to revenue, profitability, and market reach expansion in the future years.

“This acquisition marks an important step in KRN’s continued growth and diversification. The addition of Sphere’s Bus Air-Conditioning business strengthens our presence in the automotive HVAC segment and supports our goal of becoming a complete solutions provider across industries,” said Santosh Kumar, chairman & managing director, KRN Heat Exchanger and Refrigeration.

KRN Heat Exchanger and Refrigeration Limited manufactures fin and tube heat exchangers made of aluminium and copper, such as water coils, condenser coils, and evaporator coils.  OEMs in the Heating, Ventilation, Air-Conditioning, and Refrigeration (HVAC&R) business rely heavily on their products for heating, ventilation, air conditioning, and refrigeration applications.  KRN manufactures about 1 million units each year in its 1,50,000-square-foot factory, with around 23% of its output exported. 

The company is supported by a talented engineering staff with over 20 years of industry expertise, which focuses on developing tailored, long-lasting solutions that match global quality requirements. Building on their knowledge, KRN focuses on product quality and production processes to provide dependable end-user solutions.

At 1:30 pm, the shares of KRN Heat were trading 4.28% higher at Rs 862.70 on NSE. 

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