Monday, February 26, 2024

Tata may sell Voltas home appliance business

Tata Group is considering the sale of Voltas Ltd.’s home appliance operation due to challenges in expanding the business in a competitive market, sources told Bloomberg.

Tata Group’s management is currently in discussions about the potential sale and has not reached a decision on whether to include their local joint venture with Arcelik AS in the deal, the sources added.

Further, the sources said that these considerations are in the early stages, and Tata Group may opt to retain the asset for an extended period.

Company shares have slipped by 13.90 points to 814.05 at 2.16 pm, against an opening of 827.90. 

A representative for Tata Group declined to comment, the report added.

Also Read: Havells, Voltas trip on valuations

About Voltas

Established in 1954, Voltas manufactures a range of products, including air conditioners, water coolers, and commercial refrigeration units. The company operates in India, the Middle East, Southeast Asia, and Africa.

Shares of the company have increased by approximately 3 percent this year, leading to a market value of around $3.3 billion.

Voltas also collaborates with Arcelik in India and has introduced a line of home appliances under the brand Voltas Beko in the domestic market.

In the latest financial year, Voltas Beko reported revenue of approximately $1.2 billion. As of September 30, their market share in India stood at 3.3 percent for refrigerators and 5.4 percent for washing machines, according to their quarterly earnings report.

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Updated: 07 Nov 2023, 02:16 PM IST

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