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Voltas Ltd on Monday informed the stock exchanges that the board of directors of Voltas Oman LLC, its joint venture company in Oman, has allotted shares amounting to Omani Riyal 500,000 to the two partners.
Voltas Oman LLC is 65 per cent owned by Voltas and 35 per cent by the Mustafa Sultan Group.
The joint venture would be in the business of executing electro-mechanical projects in Oman.
Agreement
Voltas had signed an agreement with the Mustafa Sultan group for the joint venture in May 2010.
On allotment of the shares, Voltas has said that Voltas Oman LLC has become a subsidiary of Voltas Ltd from March 27.
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