Voltas to enter home appliances mkt; forms joint venture with Arcelik
NEW DELHI: Air-conditioner maker Voltas and Turkey's Arcelik have decided to set up a $ 100 million joint venture for making a foray into the country's consumer durables market. The proposed JV will launch refrigerators, washing machines, microwaves and other white goods and domestic appliances in India, the two companies said in a joint statement. "Voltas Limited, a Tata Enterprise; and Ardutch BV, a subsidiary of Arcelik AS - part of the Koc Group, have agreed to establish a joint venture company (JVC) in India, to enter the consumer durables market in the country. The new company to be incorporated in India will be an equal partnership joint venture," the companies said in a joint statement.