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Voltas
Ltd. to form JVC in Saudi Arabia
Monday December 20, 2010 07:23:44 PM,
IANS
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Mumbai: Tata Group's
engineering firm Voltas Limited Monday said it will form a joint
venture (JV) company in Saudi Arabia in partnership with Olayan
Financing Company for an electro-mechanical project.
"The board of directors have approved the proposal to form a joint
venture company in the Kingdom of Saudi Arabia (KSA) with Olayan
Financing Company for execution of an electro-mechanical project,"
said the company in a regulatory filing.
According to Voltas, both the firms would hold an equal share of
50 percent each in the new JV which is expected to be operational
from April 2011 after it receives the requisite approvals.
"The joint venture agreement incorporating the terms and
conditions of JVC has been executed between Voltas Limited and
Olayan Financing Company December 18, 2010," the regulatory filing
said.
"Through this joint venture, Voltas seeks to leverage its vast
experience, track record and expertise for MEP (Mechanical,
Electrical and Plumbing) projects in the Kingdom of Saudi Arabia,"
the filing added.
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