Mumbai: The board of directors of Voltas, an engineering projects company and a Tata Enterprise, today announced entering into definitive agreements to acquire majority stake in Rohini Industrial Electricals ("RIE"), a Mumbai based company engaged in undertaking large turnkey electrical and instrumentation projects for industrial and commercial sectors, subject to customary conditions precedent.
Voltas will pay a consideration of around Rs62 crore for 51 per cent stake in RIE (subject to adjustments, if any, at completion). Both the parties have agreed that Voltas can increase its equity stake in RIE upto 100 per cent in future.
On completion of the proposed transaction, RIE would become a subsidiary of Voltas. However, there would be no change in RIE's management team, which will be led by Prashant Kandoi and Gopal Kandoi. who will continue with RIE as MD and ED, respectively.
Electro-mechanical projects and Voltas capabilities
EM solutions include heating, ventilation and air conditioning (HVAC), electrical and power management, plumbing, fire-fighting and security, integrated building management systems (IBMS), indoor air quality and other specific applications. Voltas has a strong track record in electro-mechanical (EM) projects in the overseas markets in the Middle East and in South East Asia and during the last two years, brought in the concept of turnkey EM solutions to India as well. With turnkey offerings, Voltas is in a position to address a long felt need for customised solutions from a single provider. Such solutions offer savings in cost and time, higher quality standards and greater compatibility to the customers.
Landmark EM proiects bv Voltas — India and Overseas
Some recent landmark projects overseas are Dubai's Mall of Emirates, Abu Dhabi's Emirates Palace Hotel and the upcoming Burj Tower, which will be the world's tallest building. Voltas has also completed / secured various prestigious orders in India: the greenfield Hyderabad International Airport, Palm Beach Galleria Mall in Navi Mumbai, Fortis Hospital, New Delhi, Godrej Water Side IT Park, Kolkata and with several more on the horizon.