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Voltas to buy out remaining stake in two of its JV cos

Voltas to buy out remaining stake in two of its JV cos
PTI
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First Published: Mon, Dec 10 2007. 01 42 PM IST
Updated: Mon, Dec 10 2007. 01 42 PM IST
Mumbai: Voltas Ltd, a Tata group company on 10 December said it will acquire remaining stake in Universal Comfort Products Ltd (UCPL) and Saudi Ensas Company Ltd (SECL) pursuant to which the companies will become its wholly-owned subsidiaries.
UCPL is a joint venture (JV) company between Voltas and Fedders International Air-conditioning Pvt Ltd (FIACPL), a subsidiary of US-based Fedders Corporation.
Fedders has agreed to divest its 50% shareholding in UCPL for Rs7.5 crore to Voltas, the air condition and cooling product making company said in a communique to the Bombay Stock Exchange.
On completion of transfer of these shares, UCPL would cease to be a joint venture firm and become a wholly-owned subsidiary of Voltas Ltd, the company informed.
In another statement, Voltas said it would also acquire 51% stake in Saudi Ensas Company Ltd (SECL), a JV between itself and a local company in Saudi Arabia.
Voltas and its subsidiaries hold 49% of the capital in SECL, it added.
Upon conclusion of the acquisition, SECL would turn into a 100% subsidiary of Voltas Ltd.
Shares of the company were last trading at Rs243.50, up 2.96% on the BSE.
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First Published: Mon, Dec 10 2007. 01 42 PM IST