Voltas Ltd. to form JVC in Saudi Arabia
Tata Group's engineering firm Voltas Limited today said it will form a joint venture (JV) company in Saudi Arabia in partnership with Olayan Financing Company for an electro-mechanical project.business Updated: Dec 20, 2010 19:04 IST
Tata Group's engineering firm Voltas Limited on 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% 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.