Voltas picks up majority stake in JV with Oman's Lalbuksh
05 Apr 2011
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Voltas has bought an additional 11 per cent equity stake in Lalbuksh Voltas Engineering Services & Trading LLC (Lalvol) from its joint venture partner, Oman-based Lalbuksh Contracting and Trading Establishment, for around Rs6.65 crore.
This raises the Tata group company's total stake in the joint venture to 60 per cent from the earlier 49 per cent.
Lalvol has become a subsidiary of Voltas Ltd effective 31 March 2011, the company said in a filing with the Bombay Stock Exchange.
The joint venture company is engaged in the water and oil well drilling, water management and landscaping businesses.
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