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Indian media reported that Tata Group is considering selling Voltas Ltd.’s home appliances business as the Indian conglomerate expects difficulty in scaling up its business in a fiercely competitive market.
Tata Group management is considering the possibility of a sale and has not yet decided whether to include its local joint venture with Arcelik AS in the deal, people familiar with the matter said.
Founded in 1954, Voltas makes products such as air conditioners, water coolers and commercial refrigeration equipment, according to its website. It operates across India, the Middle East, Southeast Asia and Africa.
The company has also entered into a joint venture with Arcelik in India and launched a range of home appliances under the Voltas Beko brand in the domestic market.
Voltas Beko reported revenue of about 96.7 billion rupees ($1.2 billion) in its latest fiscal year. Its quarterly earnings report showed that as of September 30, Voltas Beko had a 3.3% share of the Indian refrigerator market and a 5.4% share of the washing machine market.
(Source: ET Image source: freepik)
