Board of Voltas approves transfer of domestic projects business to subsidiary

At meeting held on 12 February 2021

The Board of Voltas at its meeting held on 12 February 2021 has approved the transfer of its domestic Projects business relating to Mechanical Electrical and Plumbing (MEP) /Heating, Ventilation and Air-Conditioning (HVAC) and Water projects, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) to its wholly owned subsidiary viz. Universal MEP Projects & Engineering Services (UMPESL) (formerly Rohini Industrial Electricals) by slump sale through a Business Transfer Agreement (Proposed Transaction) to be executed between the Company and UMPESL.

UMPESL is currently engaged in the business of rural electrification works and EPC projects related to solar power, and upon consummation of the Proposed Transaction, will also undertake the business of Mechanical Electrical & Plumbing (MEP) / Heating Ventilation & Air-Conditioning (HV AC) and Water projects, Sales and Service activities relating to Mining and Construction Equipment business and Textile Machinery business.

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