Voltas bets big on West Asia for its future growth

Voltas bets big on West Asia for its future growth

Mumbai: Voltas, a Tata group company, is betting big on the West Asia markets for its future growth, a top company official said.

“We are seriously contemplating setting up a subsidiary company in Saudi Arabia. We have also commenced operations at our Abu Dhabi factory," Voltas chairman, Ishaat Hussain, told shareholders at the company’s annual general meeting (AGM) here on Tuesday.

Countries like Qatar, Abu Dhabi and Saudi Arabia are better placed to ride the global downturn and large-scale projects to develop their national economies continue to be undertaken, he said.

Most of Voltas’ on-going international projects in Abu Dhabi and Qatar are expected to remain largely unaffected, Hussain said.

In the face of economic adversity, the company demonstrated its fundamental strength by securing new international orders of Rs1,334 crore during FY09, including a large retail development project in Abu Dhabi.

The company’s international electro-mechanical business had an order book position of Rs3,732 crore.

The company’s overall carry-forward order book for the electro-mechanical project and services segment was Rs4,718 crore.