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Board of Voltas approves proposal for restructuring of B2B business

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At meeting held on 06 November 2020

Voltas announced that the Board of Directors of the company at its meeting held on 06 November 2020 agreed in-principle a proposal for restructuring of B2B businesses, comprising domestic Projects business relating to MEP/HVAC and Water projects and contracts, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) by transferring them to a 100% wholly owned subsidiary company - Rohini Industrial Electricals (RIEL). The name of RIEL would also be appropriately changed to suitably represent and reflect these businesses. While the transfer of the aforesaid businesses would be on a slump sale basis as a going concern, the mode of transfer and other requirements are being looked into and necessary action and requisite approvals, as may be required would be taken.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 06 2020. 19:54 IST