Voltas buys entire stake of its partner in Saudi JV

Tata Group firm Voltas today said it has acquired the entire stake of its Saudi partner in joint venture firm Saudi Ensas.

"Voltas has completed the legal process involved in the transfer of 51 per cent stake of the JV entity, Saudi Ensas Company," it said in a filing to the Bombay Stock Exchange.

Saudi Ensas was a 51:49 JV between an overseas firm and Voltas.

"The entire shareholding of Saudi Ensas is now held by Voltas and its subsidiary and accordingly the company is a wholly-owned subsidiary of Voltas," it said.

Saudi Ensas is engaged in operations and maintenance of electro mechanical installations in Saudi Arabia.

Besides, Voltas has received a fresh certificate of registration from the Ministry of Commerce and Industry, Saudi Arabia, to give effect in this regard.

In December last year, Voltas had entered into an agreement with its Saudi partner of the JV for transferring his 51 per cent stake in the company to Voltas as part of financial restructuring.

The said transfer has been performed without any financial consideration, Voltas had said.

Shares of Voltas today closed at Rs 40.45 on BSE, down nearly one per cent.