Carrier Corp. hikes stake in Indian arm

NEW DELHI, AUG. 5. The U.S. based Carrier Corporation, through its wholly-owned subsidiary Carrier Mauritius International, has increased its stake in the Indian arm to 86 per cent.

Disclosing this figure, manager to the Carrier open offer DSP Merrill Lynch, said this stake hike would result in additional foreign exchange inflow of about Rs. 82 crores.

"We are pleased with the response to the offer and are happy to note that the shareholders found the offer attractive. In order to maintain competitive edge and build upon leadership position in Indian markets, we are committed to provide the latest technology, new products and the financial resources needed by Carrier Aircon," a Carrier Corporation spokesperson said.

The Indian arm, Carrier Aircon, is engaged in the business of manufacturing, distribution and servicing of air conditioning equipment and undertaking installation and maintenance of airconditioning projects.

- PTI

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Section  : Business
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