Voltas to acquire majority stake in RIE

Kolkata, Aug 12 (UNI) The Board of Directors of Voltas Limited, an engineering projects company and a Tata Enterprise, today announced entering into definitive agreements to acquire majority stake in Rohini Industrial Electricals (RIE), a Mumbai-based company engaged in electrical and instrumentation projects.

Voltas will pay Rs 62 crore for 51 per cent stake in RIE.

Both parties also agreed that Voltas could increase its equity stake in RIE up to 100 per cent in future.

On completion of the proposed transaction, RIE would become a subsidiary of Voltas.

However, there would be no change in RIE's management team, to be led by Prashant and Gopal Kandoi as MD and ED, respectively.

Voltas Limited has a strong track record in Electro-mechanical (EM) projects in the overseas markets in the Middle East and South East Asia.

During the past two years Voltas brought in the concept of turnkey EM solutions to India as well. With turnkey offerings, Voltas is in a position to address a long felt need for customised solutions from a single provider, a Voltas release today said.

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