KRN Heat Exchanger and Refrigeration arm signs MOU with the Government of Rajasthan

KRN Heat Exchanger and Refrigeration Limited is a leading manufacturer and exporter of hot exchangers with copper fins and copper tubes, water coils, condenser and evaporator coils, and other parts. Our products are supplied to top HVAC (heating, ventilation, air conditioning, and refrigeration) original equipment manufacturers (OEMs). Our esteemed clients include Daikin India, Blue Box, Knorr Bremse, Kirloskar, Voltas, Carrier, Eberspaecher, Schneider Electric, and others.

An MOU worth Rs. 1000 was signed by KRN and the Rajasthani government

On October 26, KRN Heat Exchanger and Refrigeration Ltd announced that it and the Government of Rajasthan had reached an agreement to invest Rs. 1,000 crore in a heat exchanger manufacturing project through its wholly owned subsidiary, KRN HVAC Products Private Ltd.

A Memorandum of Understanding (MOU) has been signed between the Government of Rajasthan (GoR) and our wholly owned subsidiary, M/s KRN HVAC Products Pvt. Ltd., Kolila Joga. We look forward to collaborating to accomplish our common objectives and are thrilled about the opportunities that lie ahead,” a stock exchange filing stated.

Details of agreement

The agreement, which was formally signed on October 21, 2024, describes a phased investment in Kotputli-Behror, Rajasthan, to build a strong heat exchanger production facility. Operations are expected to start in 2024.

Under the terms of the agreement, KRN HVAC Products will receive assistance from the Government of Rajasthan in securing the required permits and clearances from state agencies per regional laws and regulations. The MoU does not include any special rights regarding share issuance, capital structure changes, or directorship appointments, but it is expected that the project will create 600 direct job opportunities.

More than 3% has been added to the stock price of KRN Heat Exchanger and Refrigeration Ltd

Due to the Rs. 1000 Memorandum of Understanding that was signed with the Rajasthani government, KRN Heat Exchanger and Refrigeration Ltd.’s stock is currently trading at Rs. 441.17 per share, having previously peaked at Rs. 448.00.

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