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Voltas to bid adieu to Electrolux - Views on News from Equitymaster
 
 
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  • Sep 30, 1999

    Voltas to bid adieu to Electrolux

    Engineering goods and air-conditioners manufacturer Voltas Limited has decided to divest its remaining 24% holding in Electrolux Voltas Limited, its joint venture (JV) with Swedish major AB Electrolux.

    Voltas (FY99 turnover: Rs 9.8 bn) is engaged in the production of machine tools, mining/construction equipment, pumps, textile and electrical machinery. It is the market leader in central air-conditioning. Until FY98, it had also been engaged in the manufacture and marketing of white goods. It manufactured refrigerators under the Voltas and Allwyn brand names.

    In 1998, the US$ 15 bn AB Electrolux, the world's largest white goods manufacturer, took over Voltas's white goods division for a consideration of Rs 1.6 bn. Voltas had retained a minority 24% stake in the new entity known as Electrolux Voltas Limited.

    The joint venture company has lined up huge investments to the tune of over Rs 4 bn. Voltas was required to shell out its share of investment (approximately Rs 80 m) in the new entity. As the business no longer falls within its core competency, Voltas decided to exit the joint venture.

    This divestment will provide Voltas with much needed resources, as it aggressively pursues its restructuring drive under which it has decided to focus its efforts on engineering and air conditioning products.

     

     

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