KRN Heat subsidiary signs ₹1,000 crore MoU with Rajasthan government for heat exchanger plant
“…we would like to inform you that M/s KRN HVAC Products Pvt. Ltd., Kolila Joga (our wholly owned subsidiary company) has entered a Memorandum of Understanding (MOU) with the Government of Rajasthan (GoR). We are excited about the opportunities ahead and look forward to working together to achieve our shared goals,” according to a stock exchange filing.
The agreement, formalised on October 21, 2024, outlines a phased investment in Kotputli-Behror, Rajasthan, aimed at establishing a robust production facility for heat exchangers, with operations set to commence in 2024.
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As part of the agreement, the Government of Rajasthan will provide support to KRN HVAC Products in obtaining necessary permits and clearances from state departments, aligning with local policies and regulations.
The project is projected to generate 600 direct employment opportunities. The MoU does not include any special rights regarding share issuance, capital structure changes, or directorship appointments.
The Rajasthan-based company manufactures fin and tube-type heat exchangers for the heat ventilation air-conditioning and refrigeration industry. The company’s entire manufacturing operations are carried out at its consolidated manufacturing facility comprising two industrial plots situated in the RIICO Industrial Area, Neemrana, Rajasthan.
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On October 26, shares of KRN Heat Exchanger and Refrigeration Ltd ended at ₹430.60, up by ₹2.85, or 0.67% on the BSE.
