Zamil Industrial Investment Company has recently announced that it has completed the purchase of Advantec Coils Private Ltd. The Saudi Arabian manufacturing and industrial conglomerate has acquired a 70% stake for a confidential amount.
Zamil had already owned the 30% stake in the Advantec purchased back in 2008. They have since renamed the firm as Zamil Air Conditioners India Pvt Ltd or ZAC India. The headquarters would remain in New Delhi and operates two facilities in both Nalagarh and Himachal Pradesh. It has combined production capacity of 1.2 million units per year. Its products include residential and commercial air conditioners and manufactures other international brands under OEM agreements.
According to Osama Al-Bunyan, current COO of Zamil Industrial, "It has been our consistent attempt to integrate our business units vertically as well as horizontally. The acquisition of 100% stake in ZAC India is a result of the company's overall strategic direction of value play to leverage multiple investments profitability."
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