- November 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur (INDIA BUSINESS)/File Photo Acquire Licensing Rights
India’s Tata Group Considering Sale of Voltas Home Appliances Business
BENGALURU, Nov 7 (Reuters) – India’s Tata Group is reportedly considering the sale of the home appliances business of Voltas, in which it owns a nearly 30% stake. The conglomerate expects difficulties in scaling up the business in a competitive market, according to Bloomberg News. This potential sale could also include Voltas’ consumer durables local joint venture, Voltbek Home Appliances.
The considerations are still in the early stages, and Tata has yet to make a decision. Financial details of the deal were not provided in the report. Both Voltas and the Tata Group have not commented on the matter.
The news of this potential sale has affected Voltas’ shares, which fell nearly 2% to a session-low of 812.5 rupees. As of Monday, the company had a market value of 274.20 billion rupees ($3.29 billion). In the last quarter, Voltas’ profit fell below market expectations due to increased raw material costs.
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