Bosch Takes Majority Control of Johnson Controls-Hitachi Air Conditioning India The company purchased 74.25 percent of JCHAI's share capital from Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd and JCHAC India HoldCo Ltd, according to a stock exchange filing made by JCHAI on July 31.
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German engineering and technology major Robert Bosch GmbH has acquired a controlling stake in Johnson Controls-Hitachi Air Conditioning India (JCHAI), marking a significant expansion of its footprint in the Indian home appliance sector. The company purchased 74.25 percent of JCHAI's share capital from Johnson Controls-Hitachi Air Conditioning Holding (UK) Ltd and JCHAC India HoldCo Ltd, according to a stock exchange filing made by JCHAI on July 31.
Following this transaction, Bosch is set to make an open offer for the remaining 25.75 percent shares held by minority investors, in line with regulatory requirements. Once completed, the acquisition will give Bosch a prominent position in India's fast-growing cooling and home appliance market.
Bosch already operates in India's premium home appliance segment, competing with global brands such as LG and Samsung in categories like dishwashers, washing machines, kitchen appliances, and vacuum cleaners. The addition of JCHAI's air conditioning portfolio will allow Bosch to become a full-range player, combining manufacturing capacity and an expanded distribution network.
Industry experts indicate that while the German company plans to integrate the business globally, decisions regarding operational changes in India will be made after the open offer process, as JCHAI is a publicly listed entity.
JCHAI, which operates under the Hitachi Cooling & Heating brand, manufactures a range of cooling products including room ACs, commercial units, and ductable systems. In the financial year 2024–2025, the company reported revenues of INR 2,756 crore, representing a 43.7 percent increase year-on-year, and a net profit of INR 58 crore. This marks a turnaround from the previous year's net loss of INR 75 crore. The company has also managed to regain market share after a decline to single-digit levels in recent years.
Despite the overall market slowdown caused by early monsoon and irregular rainfall, which led to a 40 percent decline in industry-wide AC sales during the April–June quarter, JCHAI's revenue dropped by a smaller margin of 14 percent to INR 852 crore in the same period. The company faces competition from established players such as Voltas, LG, Daikin, Havells, and Blue Star.
With this acquisition, Bosch aims to leverage JCHAI's product range and market presence to strengthen its standing in India's competitive home appliance market, while also positioning itself as a comprehensive solutions provider in the cooling segment.
