Voltas revives plans to make AC compressors in India
Voltas has revived its plans to manufacture air-conditioner compressors in the country with a partner from either Japan or Korea after its earlier such joint venture proposal with China's Highly International was rejected by the government, a top executive has said.
The Tata-owned home appliance manufacturer has lined up investments of over Rs 1,300 crore for manufacturing, which include components like compressors, expansion of capacity, and manufacturing of newer home appliances, its managing director and CEO Pradeep Bakshi said.
«The compressor project is still on, and we are looking at other partnerships,» he said. «The company is on an investment spree on new factories apart from backward integration.»
The compressor project will involve investment of over '350 crore.
Voltas is also investing '500 crore immediately in the Chennai plant to produce AC and has plans to infuse another '500 crore in it over the next 4-5 years.
The company is setting up commercial refrigeration production at Waghodia in Gujarat.
In its Sanand plant, it is producing refrigerators and washing machines and will soon start semi-automatic washing machine manufacturing.
Voltas had last week said it will raise up to Rs 500 crore through issuance of listed, unsecured, redeemable non-convertible debentures on a private placement basis, which would be utilised for capital expenditure for its new manufacturing plants at Chennai and Waghodia in Gujarat.
Bakshi said the company is transforming into a full-fledged home appliance manufacturer from just air-conditioners and air coolers. As part of this, it is venturing into small domestic appliances like water heaters and kitchen appliances like hob and mixer-grinder.
Voltas has been a
