ICICI TO FUND ELECTROLUX JV ACQUISITION OF VOLTAS UNIT
Article Abstract:
The Rs100 crore Electrolux Voltas Ltd (EVL) plans to acquire the entire electronic consumer goods business of Voltas for about Rs200 crore. EVL is a joint venture of AB Electrolux (AE) of Sweden and Voltas of the Tata group. The Industrial Credit and Investment Corporation of India (ICICI) will provide a loan of Rs100 crore to EVL for part-financing its acquisition of the division of Voltas. AE plans to bring all its group firms in India under 1 joint venture company it proposes to establish with Voltas. AE holds over 51 percent stake in Maharaja International (MI). MI makes refrigerators. AE holds 74 percent stake in Intron Ltd, the makers of washing machines in India. (gs)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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VOLTAS HIVING OFF AGRO UNIT TO RALLIS; POSTS Rs7.1 Cr LOSS
Article Abstract:
Voltas Ltd, a producer of white goods and agro chemicals, is transferring its chemical plant at Patancheru in Andhra Pradesh to the Rallis subsidiary, Ralchem Pesticides. The transfer is subject to the approval of its shareholders and financial institutions and will be effective from August 11, 1998. Voltas posted a net loss of Rs7.1 crore during April-June 1998 (Rs12 crore loss posted during April-June 1997). During this period, the sales and other income was around Rs380 crore (Rs342 million). (ag)
Comment:
Voltas plans to sell chemical plant at Patancheru in Andhra Pradesh to the co
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
Comment about this article or add new information about this topic:
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