Tata Group company Voltas on Monday said its board of directors had approved the formation of a joint venture with Saudi Arabia’s Olayan Financing Company to execute electro-mechanical projects in the country.
“The joint venture agreement incorporating the terms and conditions JVC has been executed between Voltas Limited and Olayan Financing company on December 18, 2010,” Voltas said in a filing to the BSE.
Both the companies will hold equal stake in the joint venture, which is expected to be operational from April 2011. Through this joint venture, Voltas seeks to leverage its vast experience, track record and expertise for mechanical, electrical and plumbing projects in Saudi Arabia, the firm said.
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