Voltas to get full control in JVs Universal Comfort, Saudi Ensas
Fedders International Air-conditioning has decided to offload its 50 per cent stake in joint venture company, Universal Comfort Products, to partner Voltas.
Voltas will infuse Rs 7.50 crore for the stake in the company, which manufactures room air-conditioners and split air-conditioners.
Upon transfer of shares, Universal Comfort Products would become a wholly-owned subsidiary of Voltas Ltd.
In another similar development, Voltas will get 51 per cent stake in the joint venture, Saudi Ensas Company.
Voltas, along with its subsidiary, holds 49 per cent stake in the company incorporated in Jeddah, having a paid up capital of SR 2.600 million. The balance 51 per cent is held by a local company in Saudi Arabia.
Saudi Ensas Company is engaged in the execution and operations / maintenance of electro mechanical installations in Saudi Arabia. The stake transfer by the local company to Voltas is part of a financial restructuring of Saudi Ensas Company, for ‘Nil’ consideration.
On Friday, Voltas shares closed down 5.02 per cent at Rs 236.50 on BSE.
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