Kolkata: As a part of the company’s strategy to strengthen its holding in the group companies, the Rs 41,000 crore Tata group has decided to take its stake in Voltas Ltd to a minimum strategic level of 26 per cent. Tatas has increased the holding by three per cent within a period of last nine months ending December 2001.

"The Tata group would take up the promoters holding to at least 26 per cent in near future," general manager, corporate communications, B.N. Garudachar told The Asian Age. Presently, as per information available with the stock exchanges, Tata’s holding is 23.27 per cent as on December 2001.

They are increasing their holding slowly and gradually, by two per cent from second quarter of 2001-02. They were holding 20.04 per cent as on March 2001.

Voltas is targeting a business turnover of Rs 1,000 crore by 2003 from Rs 750 crore. The cooling business has signed an agreement with LG India for supplying 12 lakh refrigerators over a period of three years commencing from January 2002. The order is valued at Rs 9 billion.

To increase its revenue the company is expanding its electro-mechanical business division to domestic market also. This division has performed well in overseas markets. Earlier, this division was a separate subsidiary of Voltas International but it was merged with the company in April last.

Voltas is focusing on its core business of cooling, moving out of its moulded steel furniture business, textile machinery, materials handling and machine tools businesses.