Voltas advanced 3.28% to Rs 1,312.75 after the board approved a proposal to enter into a joint venture arrangement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company.
The companies plan to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air conditioners, motors for inverter compressors and their associated parts including sourcing of raw materials & components required for manufacturing these products, on such terms and conditions as may be mutually agreed between the parties.
In the joint venture, Voltas and Hong Kong based-Highly International will have a shareholding of 40% and 60% respectively.
Voltas' consolidated net profit dropped 24.9% to Rs 96.56 crore on a 10.1% fall in net sales to Rs 1,772.06 crore in Q3 FY22 over Q3 FY21.
Voltas is India's largest air conditioning company, and one of the world's premier engineering solutions providers and project specialists.
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