Amber Enterprises arm invests Rs 100 crore in Shivaliks Mercantile, shares gain

In the quarter ended December 2023, the company’s net loss increased to Rs 17.82 crore from Rs 5.50 crore in December 2022.

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Shares of Amber Enterprises India gained 1 percent in early trade on February 15 after the company’s subsidiary made an investment in Shivaliks Mercantile Private Limited.

At 9:25am, Amber Enterprises India Limited was quoting at Rs 3,912.90, up Rs 53.05, or 1.37 percent, on the BSE.

Sidwal Refrigeration Industries Private Limited, a wholly owned material subsidiary of Amber Enterprises India, has made primary investment in the equity share capital of Shivaliks Mercantile of an amount aggerating to Rs 100 crore, infused in two tranches.

In January, Titagarh Rail Systems and Amber group agreed to enter the railway component and subsystem business by way of a joint venture company or special purpose vehicle.

Under this agreement, both TRSL and Amber group, through its wholly owned subsidiary Sidwal Refrigeration Industries Pvt Limited, will invest up to Rs 120 crore each to acquire equal control in the SPV for setting up the new railway component business as well as fresh equity investment in Firema, Italy.

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In the quarter ended December 2023, the company’s net loss increased to Rs 17.82 crore from Rs 5.50 crore in December 2022.