Voltas has approved the proposal for formation of a joint venture with Linde Material Handling GmbH (LMH), an affiliate of KION Group, Germany for Materials Handling (MH) business of the company. Voltas’s material handling operations will be integrated into a new joint venture company where the KION group will hold a majority share.
The JV Company will be named Voltas Materials Handling (VMH) and is expected to start operations in April 2011. VMH will be KION Group’s sixth brand and will use Voltas to focus on the Indian market with a product range that includes diesel/LPG and electric trucks with load capacities of 1.5 to 16 tons. VMH will have twenty-five branches and dealership all over India.
Voltas would also enter into a supply agreement with the VMH for forklifts to be manufactured at Thane Plant and grant license for use of 'Voltas' brand for forklifts for a period of 5 years on certain conditions.
Voltas is one of the world's premier engineering solutions providers and project specialists. The company offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, mining and construction equipment, materials handling equipment, water management & treatment, cold chain solutions, building management systems, and indoor air quality.
The company reported a decrease of 2.59% in net profit after tax to Rs 67.01 crore for the quarter ended December 2010 from Rs 68.79 crore in the same quarter last year.
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