Forklift and Material Handling Equipment manufacturer, Voltas Material Handling today announced that it will operate under the name of “KION India Private Limited”.
In November 2012 the KION Group – one of the world’s two leading suppliers of forklift trucks, warehouse technology and associated products with revenue of Euro 4.5 billion – acquired Voltas Material Handling for a cash deal worth Rs 58 crore. Voltas Material Handling Private Limited was launched in 2011 as a joint venture between the KION Group and Voltas Ltd.
The gross revenue of Voltas Material Handling for financial year ending March 31, 2014 was Rs 194 crore.
“The name change is symbolic of being part of the international KION family. While our company name is changing, all the core elements will still remain the same. We will continue to invest in India during the coming years, fully exploiting the potential of MH market in India,” said Sunil K Gupta, CEO & Managing Director of KION India.
With KION brand, the company plans to expand its reach to a wider consumer base and spread its footprints across the country. KION in India has sales and service network comprising more than 70 customer touch points & has a combined market share of around 30%. Voltas brand on standalone basis holds a leading position in diesel forklift product segment commanding 53% market share among Indian manufacturers, claimed the company.
“India is one of the fastest growing economies in the world and holds enormous potential, particularly in the manufacturing sector. We are confident that we will be able to market ourselves more effectively under the new name and it reflects our plans for future growth and innovation,” said C P Quek, Chief Asia Pacific Officer and Member of Executive Board, KION Group AG.
KION India, part of the German-based KION Group AG, will continue to operate the Voltas Brand and Baoli Brand of Material Handling Equipment in SAARC Regions as in prior. Furthermore, KION India will continue its manufacturing operations from its current production plant and corporate office in Pune City.
