Voltas, a Tata Group Company, has announced the setting up of a joint venture with Germany's KION Group GmbH to develop and make forklift trucks and warehousing equipment in India.
KION Group, a market leader in Europe in industrial trucks, will hold a majority share in the JV and the material division of Voltas will be transferred to the JV, which will be called Voltas Material Handling (VMH). The JV is expected to start operations in April, a filing in the BSE said.
Its product range will include diesel, LPG and electric trucks with load capacities of 1.5 tonnes to 16 tonnes and will focus on Indian market with 25 branches and nationwide dealerships.
Till now, KION has been supplying forklift trucks to India through its Linde Material Handling and STILL brands. Now, VMH will serve the volume market with its competitive product range, the filing said.
“Voltas is one of the most successful forklift manufacturers in India. It has strong sales, an effective service network,” Gordon Riske, CEO, KION Group said. The KION Group expects demand to grow in the sub-continent as more industries expand.
“KION has unrivalled know-how and technological leadership in the forklift truck business, so the partnership will help VMH to further consolidate its leading position in India. The Voltas brand will continue to expand its product range, particularly in the warehouse equipment sector.” Sanjay Johri, Managing Director, Voltas, said.
KPMG advised Voltas on this transaction.
Courtesy: MoneyControl.com
hi very nice products and very nice blog and cool blog. The Voltas brand will continue to expand its product range, particularly in the warehouse equipment sector.” Sanjay Johri, Managing Director, Voltas, said.
ReplyDeletewarehouse equipment