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Voltas gets Rs110 cr from transfer of material handling biz

Voltas gets Rs110 cr from transfer of material handling biz
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First Published: Mon, May 02 2011. 10 52 AM IST
Updated: Mon, May 02 2011. 10 52 AM IST
Mumbai: Voltas Ltd said on Monday it has received Rs110 crore after trasferring its materials handling business to its joint venture company JM Material Handling Solutions Pvt Ltd.
JM Material Handling is a joint venture between Voltas and Linde Material Handling Asia Pacific Pte Ltd, an affiliate of the KION group, Germany, which holds majority stake in it.
The companies also said they plan to rename the JV to Voltas Material Handling Pvt Ltd.
Voltas has entered into a supply agreement with the joint venture for forklifts and warehousing equipment to be manufactured at its Thane plant in Maharashtra and has granted a licence to the joint venture company to use its brand name.
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First Published: Mon, May 02 2011. 10 52 AM IST