Tata Group company Voltas and Turkey’s Ardutch (a subsidiary of Arçelik) have forged an equal joint venture company in India with an equity capital of $100 million.

Through this JV, Voltas will make an entry into the consumer durable sector.

Tata Investment Corporation Ltd (TICL) and Koç Holding (KOÇ) will also hold 1 per cent equity stake each, in the new JV company.

The joint venture will leverage the brand presence and sales and distribution network of Voltas, while Arçelik will provide its R&D and manufacturing facilities, in addition to a wide product range and global sourcing capabilities.

It will launch refrigerators, washing machines, microwaves and other white goods and appliances in India with a manufacturing base in the country.

Beko, the global brand of Arçelik A.Ş., has been the one of fastest growing home appliances brand in Europe.

The domestic consumer durables market is slated to grow by 12 per cent per annum and reach $12 billion by 2027.

In a statement, Ishaat Hussain, Tata Sons Director and Chairman of Voltas, said: “Consumer durables is a logical extension for Voltas, and we are forming this joint venture with Arçelik, part of the Koç Group.

“The strong technology platform, combined with the global manufacturing and sourcing capabilities of Arçelik, will help the joint venture offer many differentiated products to the Indian market.

“The Voltas-Beko partnership will also leverage the distribution strengths of Voltas, and we will work towards establishing the joint venture as a market leader for consumer durables in India."

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