VOLTAS Ltd executes JV agreement with Highly Internationanl Hong Kong Ltd

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VOLTAS Ltd has executed the Joint Venture Agreement on 30th April, 2022 with Highly International (Hong Kong) Limited, a wholly-owned subsidiary of Shanghai Highly (Group) Company Limited to engage in the business of design, development, manufacture, marketing, sale and service of inverter compressors for room air-conditioners, motors for inverter compressors, and their associated parts including sourcing of raw materials & components required for manufacturing these products, on such terms and conditions as may be mutually agreed between the parties.

The incorporation of the Joint Venture Company is subject to fulfillment / satisfaction of certain conditions precedent to ‘Closing’ of the transaction and obtaining necessary approvals, including under Press Note No.3 (2020 series) dated 17th April, 2020 issued by the Ministry of Commerce, Department for Promotion of Industry and Internal Trade.