Turkish-Indian joint venture set up

Turkish home appliances manufacturer Arcelik announced on Wednesday a joint venture between Beko — global consumer durables brand of Koc Holding, Turkey’s largest industrials conglomerate, and Voltas Ltd — part of Tata Group, India’s largest conglomerate. Through a joint venture company, the partnership will launch major domestic appliances, including refrigerators, washing machines and microwaves, for the fast-growing consumer durables market in India. With an equity capital of $100 million, it will leverage the Beko brand and its expertise in the MDA sector across the globe, as well as Voltas’ strong brand presence and wide sales and distribution network in India.