Bosch is making a serious move in India’s consumer appliances space. The German engineering group has acquired a controlling 74.2% stake in Johnson Controls-Hitachi Air Conditioning India (JCHAI), marking a major shift in the air conditioning landscape.
The shares were purchased from Johnson Controls-Hitachi Air Conditioning Holding (UK) and JCHAC India HoldCo Ltd, effective July 31, according to JCHAI’s regulatory filing.
What’s Next?
Bosch now plans to issue a mandatory open offer for the remaining 25.75% held by public shareholders. Financial terms of the deal haven’t been made public, but this move is part of a much larger $8 billion global acquisition Bosch announced last year—its biggest ever. That deal involved Bosch taking over the residential and light commercial AC business from Johnson Controls, including Hitachi’s 40% stake in their joint venture.
Why This Matters
Bosch already sells refrigerators, washing machines, dishwashers, and kitchen appliances in India’s premium market, competing with brands like LG and Samsung. Adding JCHAI’s air conditioning business completes Bosch’s product lineup, giving it full-spectrum appliance coverage and better scale in both distribution and manufacturing.
About JCHAI
- FY25 Sales: ₹2,756 crore
- FY25 Net Profit: ₹58 crore (vs ₹75 crore net loss in FY24)
- YoY Revenue Growth: 44%
- Q1 FY26 Sales: ₹852 crore (down 14% YoY, but better than the 40% industry-wide decline due to erratic monsoon)
JCHAI’s products include residential and commercial ACs under the Hitachi Cooling and Heating brand. The company has started recovering market share and is also growing exports across Bangladesh, Maldives, Sri Lanka, Nepal, and Bhutan.
The business outlook is also being bolstered by rising demand for light commercial ACs—driven by government projects in healthcare, education, transport infrastructure, and private investments in real estate and data centers.
Bottom Line
This isn’t just a bolt-on acquisition. With this move, Bosch positions itself as a heavyweight in India’s appliance industry, expanding from kitchen and laundry into climate control—something that could reshape its standing in one of the world’s fastest-growing markets.
