Voltas buys 50 pc stake in JV firm with Fedders International

MUMBAI: Tata Group firm Voltas on Tuesday said it has purchased the remaining 50 per cent stake in its joint venture firm with Fedders International Air-conditioning Pvt Ltd (FIACPL) for Rs 3.12 crore.

The company informed the Bombay Stock Exchange it has purchased 1.38 crore equity shares representing 50 per cent stake in Universal Comfort Products Pvt Ltd (UCPL), a joint venture firm between Voltas and FIACPL.

The board of director of the company today approved the transfer of shares consequent to which the UCPL ceases to a JV firm and has become a wholly owned subsidiary of Voltas, it said.

UCPL is engaged in the business of manufacturing window room air conditioners and split air conditioners.

Shares of the company closed at Rs 147.55, up 4.02 per cent on the BSE.