VOLTAS MOVES INTO SECOND PHASE OF REVAMP
Article Abstract:
Voltas Ltd has started its second phase of restructuring, which involves closing six of its nine branches and offering a voluntary retirement scheme to 1700 in two to three tranches. The restructuring also involves outsourcing some businesses like compressors. The company had sold its agro-chemicals division to Rallis and hived off its white goods division into a joint venture with Electrolux of Sweden in the first phase of restructuring. The loss making company expects to break even and register a small operating profit due to the first phase of restructuring while the benefits of the second phase will only be felt after two years. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
VOLTAS REFRIGERATOR FACES PHASE-OUT
Article Abstract:
AB Electrolux (ABE) of Sweden has recently acquired two refrigeration units of Voltas Ltd (VL). ABE has decided to phase out Voltas brand name within the next four years starting October 1, 1998. The two refrigeration plants of VL are located at Warora and Mandalur and two compressor units located at Butibori and Hyderabad. Under the agreement, ABE will be using the Voltas brand name for the next four years. The two companies have formed a joint venture company in the name of Electrolux Voltas Limited (EVL). ABE holds 74 percent stake in EVL while VL holds the balance stake. (gs)
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:
- Abstracts: VOLTAS TO HIVE OFF FRIDGE BUSINESS INTO JV WITH MNC ELECTROLUX FIRST IN LINE TO BUY VOLTAS' WHITE GOODS DIVISION
- Abstracts: LOOPHOLE IN EXCISE FOR CTVs PLUGGED. NUMBER OF EXCISE RATES TO BE CUT TO 3 GOVT MAKES EXCISE RULES SIMPLER
- Abstracts: NICHOLAS IN JV WITH BOOTS BAYER, ZYDUS GROUP IN PHARMA MARKETING JV ZYDUS IN JV WITH GERMAN MAJOR BYK GULDEN
- Abstracts: KARNATAKA LIKELY TO DIVEST 40% STAKE IN KPCL KPCL GENERATES 7532 MU IN FIRST HALF OF CURRENT YEAR. GLOBAL AUDITING MAJORS IN RACE FOR KPCL CONTRACT
- Abstracts: MOHAN MEAKEN TO CUT STAKE IN MACDONALD JV CDC PICKS UP 45% STAKE IN AQUA CHEMICALS & SYSTEMS