KRN Heat Exchanger and Refrigeration said its wholly owned subsidiary KRN HVAC Products Private Ltd has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan to invest Rs 1,000 crore in a heat exchanger manufacturing project.

"...we would like to inform you that M/s KRN HVAC Products Pvt. Ltd., Kolila Joga (our wholly owned subsidiary company) has entered a Memorandum of Understanding (MOU) with the Government of Rajasthan (GoR). We are excited about the opportunities ahead and look forward to working together to achieve our shared goals," according to a stock exchange filing.

The agreement, formalised on October 21, 2024, outlines a phased investment in Kotputli-Behror, Rajasthan, aimed at establishing a robust production facility for heat exchangers, with operations set to commence in 2024.

As part of the agreement, the Government of Rajasthan will provide support to KRN HVAC Products in obtaining necessary permits and clearances from state departments, aligning with local policies and regulations.

The project is projected to generate 600 direct employment opportunities. The MoU does not include any special rights regarding share issuance, capital structure changes, or directorship appointments.