Voltas buys 50% stake in Universal comport

Mumbai: Voltas Ltd announced acquisition of 50 per cent stake in Universal Comfort Products Ltd, a 50:50 joint venture between Voltas and Fedders International Air-conditioning Ltd. Voltas, upon getting the required approvals, will be picking up 1.38 crore equity shares of Universal Comfort for a consideration of Rs 3.12 crore.

Accordingly, Universal Comfort ceases to be a joint venture between Voltas and Fedders and now becomes a wholly owned subsidiary of Voltas, the company said. Universal is in the business of manufacturing window room air-conditioners and split air-conditioners.