COMPANY LAW
| Voltas to form JV with Germany's Kion Group Sat, 19 Mar 2011 15:17:59 +0530 |
| Air conditioner maker Voltas today said it has signed an agreement with Germany-based Kion Group to establish a joint venture in India for developing and servicing industrial trucks and warehousing equipment. "Voltas' material handling operations will be integrated into a new joint venture company, where Kion Group will hold a majority share," Voltas said in a statement. Click here to visit SME Buzz Also Read Related Stories News Now - Voltas eyes 50% jump in AC sales next fiscal - Voltas to widen focus from West Asia to SE Asia - Voltas Dec qtr net down 10% at Rs 69 cr - BS People: Rupinder Singh Sodhi - Voltas: Promising outlook - Voltas to form joint venture with Saudi company Also Read Related Stories News Now - Markets flat in morning trades - ONGC row should not spoil Cairn deal: FinMin - Asia stocks rise; oil jumps - Japan reconstruction may take 5 yrs: World Bank - Asian markets trade higher, eye on Japan More The new firm will be named Voltas Materials Handling (VMH) and is expected to start operations from April, 2011. "Kion has know-how and technological leadership in the forklift truck business, so the partnership will help VMH further consolidate its leading position in India," Voltas Ltd Managing Director Sanjay Johri said. The Tata-group firm said the joint venture will focus on the Indian market with a a product range that includes diesel/LPG and electric trucks with load capacities of 1.5 to 16 tonnes. The JV firm plans to have 25 branches and dealerships all over India. "The Voltas brand will continue to expand its product range, particularly in the warehouse-equipment sector. The partnership will ensure long-term sustainability, and we are well positioned in the Indian forklift truck market," Johri said. "As part of our long-term strategy, we intend to further invest within this joint venture to take full advantage of the potential of the Indian market," Kion Group CEO Gordon Riske said. |
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