Voltas Ltd vehemently rebuts recent allegations proposing that its parent company, Tata Group, is contemplating divesting its home appliance enterprise. In a regulatory declaration, Voltas vehemently asserts that these reports are entirely fallacious, devoid of any factual underpinning. Following this clarification, Voltas shares surged by more than 1 percent. The company expressed apprehension regarding the potential repercussions of the report on its shareholders and investors, emphasizing its commitment to rectifying the situation with the news outlet responsible for its publication.
Voltas resolutely reaffirmed its stature as a dominant player in the realm of room air conditioning, underscoring the triumph of its collaborative venture with Arcelik for Voltas Beko products, which stands as one of the most rapidly burgeoning brands in the domain of appliances. Furthermore, the corporation consistently exceeds market expectations and surpasses revenue targets across all product categories.
“The organization holds a prominent position in the sphere of room air conditioning, and its partnership with Arcelik for Voltas Beko products stands as one of the swiftest flourishing brands in the arena of appliances. The entity persistently surpasses market benchmarks and exceeds revenue projections across its diverse product lineups,” as stated by the company.
A Bloomberg report initially posited Tata Group’s contemplation of divesting Voltas’ home appliance venture and posed questions about expanding the enterprise within a fiercely competitive market. The report alleges that Tata Group’s management is currently in deliberations regarding a potential divestiture, although a final determination remains pending, according to sources familiar with the matter.
Founded in 1954, Voltas engages in the fabrication of diverse commodities, encompassing air conditioning units, air coolers, refrigeration appliances, water coolers, and commercial refrigeration systems. It maintains a formidable presence spanning India, the Middle East, Southeast Asia, and Africa. The organization has established a joint enterprise with the Arcelik Group and introduced an array of household appliances under the Voltas Beko brand within the Indian market.
In its most recent financial report, Voltas disclosed a consolidated net profit of Rs 36 crore for the quarter concluding on September 30, signifying a substantial improvement compared to the Rs 6 crore net loss incurred during the corresponding period in the prior fiscal year.