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OUR CORPORATE BUREAU
MUMBAI, Oct 1: Electrolux and voltas, the 74:26 joint venture between AB Electrolux and Voltas, came into effect on Thursday with the transfer of Voltas brand, along with its refrigerator, washing machine and compressor facilities, to the new company.
The company's management team will be appointed by Electrolux, according to a press release. However, the entire work force of Voltas' plants will be absorbed by the new company.
The first phase of the joint venture, which came into effect from October 1, involves the transfer of two Voltas factories--a refrigerator and compressor factory in Warora and a washing-machine plant in Butibori near Nagpur--to Electrolux.
In the second phase, two additional Voltas factories, a refrigerator plant in Nandalur and a compressor unit in Hyderabad, will be transferred to the new company, along with the Allwyn brand. This is expected to take place on April 1, 1999.
The Electrolux group has three joint ventures in India, Maharaja International, which manufactures andsells the Kelvinator brand of refrigerators, Intron, which manufactures and sells Electrolux brand front-loading washing machines and Eureka Forbes, which manufactures and sells water purifiers and vacuum cleaners.
AB Electrolux holds a 55 per cent stake in Maharaja International, a 74 per cent in Intron and a 40 per cent equity in Eureka Forbes.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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