Voltas and Ardutch BV (a subsidiary of Arcelik AS; part of the Koç Group – Turkey’s largest industrial and services group), have agreed to establish a Joint Venture Company (JVC) in India, to enter the consumer durables market in the country. The new company to be incorporated in India will be an equal partnership joint venture.
The proposed JVC will launch refrigerators, washing machines, microwaves and other white goods / domestic appliances in India. A manufacturing facility will be set up in the country, and the JVC will also source products from Arcelik’s global manufacturing facilities and vendor base.
The JVC will have an equity capital of $100 million, and Tata Investment Corporation (TICL) and Koc Holding (KOC) will also hold 1% equity stake each, in the new Joint Venture.
Voltas is among India’s leading air-conditioning, refrigeration and engineering services companies.