Tata may sell Voltas home appliance business
Tata Group's management is currently in discussions about the potential sale and has not reached a decision on whether to include their local joint venture with Arcelik AS in the deal, the sources added. Further, the sources said that these considerations are in the early stages, and Tata Group may opt to retain the asset for an extended period.
Company shares have slipped by 13.90 points to ₹814.05 at 2.16 pm, against an opening of ₹827.90. A representative for Tata Group declined to comment, the report added.
Also Read: Havells, Voltas trip on valuations Established in 1954, Voltas manufactures a range of products, including air conditioners, water coolers, and commercial refrigeration units. The company operates in India, the Middle East, Southeast Asia, and Africa.
Shares of the company have increased by approximately 3 percent this year, leading to a market value of around $3.3 billion. Voltas also collaborates with Arcelik in India and has introduced a line of home appliances under the brand Voltas Beko in the domestic market.
In the latest financial year, Voltas Beko reported revenue of approximately $1.2 billion. As of September 30, their market share in India stood at 3.3 percent for refrigerators and 5.4 percent for washing machines, according to their quarterly earnings report.Milestone Alert!
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