Hindware Home Innovation Limited has approved an investment of up to ₹15 crore in Hintastica Private Limited, a joint venture with Atlantic Société Française de Développement Thermique, France, through a rights issue. Concurrently, the company has agreed to acquire Atlantic's entire 5,48,787 equity shares in Hintastica for approximately ₹2.79 crore. This acquisition will make Hintastica a wholly-owned subsidiary of Hindware Home Innovation Limited, leading to the termination of the existing joint venture agreement and other related arrangements with Atlantic. The company intends to continue operating the water heater business under the "hindware" brand. Additionally, Hindware Home Innovation Limited has approved extending a corporate guarantee of ₹25 crore to Hintastica for its working capital facilities, covering the facilities in proportion to its 100% enhanced shareholding.
