Voltas has terminated an agreement to set up a joint venture (JV) with Highly International (Hong Kong) to manufacture compressors in India, as it could not obtain necessary approvals from the government. The proposed JV of the Tata Group firm with Highly International was subject to clearance from the government under Press Note No 3(PN3).
As the regulatory approvals were not forthcoming, both the parties have mutually decided to terminate the Joint Venture Agreement. Through PN3, the government had made its prior approval mandatory for foreign investments from countries that share a land border with India in order to curb opportunistic takeovers of domestic firms following the COVID-19 pandemic.
Voltas is among India’s leading air-conditioning, refrigeration and engineering services companies.
Company Name | CMP |
---|---|
Voltas | 1477.00 |
Blue Star | 1493.35 |
Amber Enterprises | 3854.25 |
Johnson Controls | 1263.60 |
EPACK Durable | 197.50 |
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