Looking to complete divestment of Mexico and Australia business by early next fiscal: Symphony Ltd

Bznews August 9, 2025

Looking to complete divestment of Mexico and Australia business by early next fiscal: Symphony Ltd

Symphony is looking to refocus on profitable business segments in India and potential overseas export markets from India such as USA, Brazil, Europe, Middle East and other countries.

Symphony Ltd, an Indian multinational electronics and home appliances company known for its air coolers, is looking to divest its business in Mexico and Australia by the next financial year.

“We have some very good interest evinced by companies internationally. We are at a very early stage of signing the NDA,” Nrupesh Shah, Managing Director, Corporate Affairs, Symphony Ltd, said recently. The company had told the exchanges in April 2025 that it was looking to divest stakes in Climate Technologies Pty Limited, Australia (CT), and IMPCO S de R.I. de C.V., Mexico (IMPCO) as it was looking to refocus on “ambitious growth-oriented and profitable business segments in India and highly potential overseas export markets from India such as USA, Brazil, Europe, Middle East and other countries.”

Based on the initial interest, the official said the company was looking to divest stakes in Mexico and Australia by the end of the current financial year or by early next fiscal. “We are not going to be acquiring any international or domestic companies (with the proceeds of the divestment),” the official added while addressing a Q1 FY26 investors’ call recently.

“Even in Mexico and Australia — the two companies we are divesting from — we are not exiting from those geographies. We will continue to sell to the same companies under new management and ownership in the foreseeable future. We do not expect the divestment to substantially alter our international business numbers,” he added.

Symphony had acquired Climate Technologies Pty Limited, Australia, in 2018 and IMPCO, Mexico, in 2008. “In the future when the companies (in Mexico and Australia) are sold, we won’t be owning the brands (owned by the foreign entities) and so what we sell them will be white-labelling. We will also continue to explore opportunities to sell different models of coolers under the Symphony brand in those same geographies,” the company official said.

Talking about the company’s business in Australia, Shah said, “Historically in Australia we have been selling rooftop coolers and gas ducted heaters and coolers and in both those categories our market share was 30-33 per cent. Last year there was a regulatory change and the sales of gas-ducted heaters were banned in the state of Victoria and sales have stopped. We have pivoted from cooler and heaters to electric products like switches and air conditioners which do both cooling and heating, electric fireplaces, panel heaters etc. We have diversified in a whole range of products.”