Kolkata: Voltas Limited, a Tata group company, has entered into a joint venture agreement with Fedders International of the USA to produce a new range of air-conditioning products.

The Rs.1,000 crore turnover firm planned to offer American quality at Chinese prices, Mr.K J Jawa, regional vice-president, said here today.

Voltas’ manufacturing facility at Dadra, which has an ISO 9001 certification by TUV of Germany, has been upgraded with an investment of Rs.40 crore. Subsequently, this facility has been transferred to the joint venture named Universal comfort Products Private Limited.

Mr. Jawa said that this was a 50:50 joint venture and out of the Rs.40 crore investment Rs.20 crore was made available by Fedders. He said that the facilities at the unit would be further enhanced to manufacture the Vertis range of Voltas product.

The company had spent Rs.10.5 crore on brand building last year. This year’s target was Rs. 20 crore. The company targets a turnover of Rs.1,000 crore by 2003 as against Rs.750 crore now in the refrigeration and air-conditioning segment.