Somany Home Innovation Limited was trading at day's high of Rs266.35 up Rs12.65 or 4.99% on the BSE.
The company Board approved the execution of the share subscription and shareholder’s agreement (SSHA) (along with the ancillary agreements) with M/s Atlantic Societe Francaise De Development Thermique, France (“Groupe Atlantic”) and Hintastica Private Limited (“HPL”), which at present is a wholly owned subsidiary Somany Home Innovation Limited (SHIL).
The company in a regulatory filing on Thursday said that Hintastica Private Limited is setting up a state-of-the-art manufacturing plant in Telangana. The project is in line with the Government of India’s ‘Make in India’ initiative and all components will be made/sourced from within India.
The plant will be built on a plot of 5.7 acres and will be completed by March 2022, with trial runs expected to commence from May 2022. The plant will also help generate employment for over 500 people directly and indirectly in peak season.
Groupe Atlantic, has over 50 years of rich experience in eco-friendly heating and hot water solutions in Europe, the Middle East, Africa, and Asia. It has commercial operations across four continents and 28 industrial sites. The organization has 10,000 employees worldwide. It owns 17 brands that are geared towards providing efficient and eco-friendly heating solutions for homes as well as other applications.
Groupe Atlantic produces over 8 million appliances and products every year, including 2.8 million water heaters in its six dedicated manufacturing plants. 4% of Groupe Atlantic’s turnover is committed to the development of new products, a reflection of the organization’s dedication to innovation and R&D.
HPL will leverage Groupe Atlantic's proven expertise in manufacturing and assembly as well as SHIL’s strengths in marketing and distribution to deliver to the consumer in India and also the neighboring nations in the SAARC region, a range of high-quality products and accessories all under the brand name ‘Hindware Altantic’.