Tata Group company Voltas, a major player in the air conditioner market, has tied up with Turkey’s Ardutch BV, a subsidiary of Arcelik AS – part of the Koc Group, to set up an equal partnership joint venture company (JVC) in India with equity capital of US$100 million, marking the former’s entry into consumer durables sector. Tata Investment Corporation Limited and Koc Holding will also hold 1 per cent equity stake each in the venture. The JVC will launch refrigerators, washing machines, microwaves and other white goods and domestic appliances in India. “Consumer durables is a logical extension for Voltas and we are delighted to be forming this joint venture with Arcelik. The partnership will also leverage the well-known brand and distribution strengths of Voltas, and we will work towards establishing the joint venture as a market leader for consumer durables in India,” Tata Sons Director and Voltas Chairman Ishaat Hussain said. Arcelik has been selling home appliances under Beko brand name in Europe for the past 7 years. Arcelik will bring to the JVC its R&D and manufacturing speciality along with product range and global sourcing capabilities. The JVC will set up a manufacturing facility in the country, and will also source products from Arcelik’s global manufacturing facilities and vendor base.
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