Voltas to enter into a joint venture arrangement with Hong Kong based Highly International; Stock surges 3%

17 Mar 2022 , 11:12 AM

Voltas Limited will enter into a joint venture arrangement with Highly International (Hong Kong), a wholly owned subsidiary of Shanghai Highly (Group) Company.

The establishment of a joint venture in India is for engaging in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products, on such terms and conditions as may be mutually agreed between the parties.

The incorporation of the Joint Venture Company is subject to fulfillment / satisfaction of certain conditions precedent to ‘Closing’ of the transaction and obtaining necessary approvals.

At around 11.14 am, Voltas Ltd was trading at Rs1,310.15 per piece up by Rs39.15 or 3.08% from its previous closing of Rs1,271 per piece on the BSE.