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| Voltas bets big on Middle East for future growth plans |
| Press Trust of India / Mumbai Aug 11, 2009, 12:26 IST |
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Tata group company, Voltas, is betting big on the Middle-Eastern markets for its future growth, a top company official said.
"We are seriously contemplating setting up a subsidiary company in Saudi Arabia. We have also commenced operations at our Abu Dhabi factory," Voltas Chairman, Ishaat Hussain, told shareholders at the company's annual general meeting (AGM) here today.
Countries like Qatar, Abu Dhabi and Saudi Arabia are better placed to ride the global downturn and large-scale projects to develop their national economies continue to be undertaken, he said.
Most of Voltas' on-going international projects in Abu Dhabi and Qatar are expected to remain largely unaffected, Hussain said.
In the face of economic adversity, the company demonstrated its fundamental strength by securing new international orders of Rs 1,334 crore during FY 09, including a large retail development project in Abu Dhabi.
The company's international electro-mechanical business had an order book position of Rs 3,732 crore.
The company's overall carry-forward order-book for the electro-mechanical project and services segment was Rs 4,718 crore.
On the sale of the company's chemical business, Hussain said the chemicals trading business did not fit with the core activities of the company and was sold in FY' 09 to DKSH India Pvt Ltd, a wholly-owned subsidiary of Zurich-based DKSH Holding Limited.
This would help the management to better focus on core areas of the company, he said.
On the Indian economy, Hussain said that it's wrong to say India was passing through recession. India has not witnessed two quarters of negative growth, he said.
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