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Tata Group firm Voltas has increased its stake to 60 per cent in Lalvol, a joint venture between the Indian company and the Oman-based Lalbuksh Contracting and Trading Establishment.
The company said it has bought 11 per cent stake in the joint venture firm — Lalbuksh Voltas Engineering Services & Trading LLC (Lalvol) for around Rs 6.65 crore.
“Voltas has acquired 11 per cent shareholding of the local partner in Lalvol for Rs 6.65 crore and increased the shareholding from 49 per cent to 60 per cent in Lalvol,” Voltas said in a filing to the Bombay Stock Exchange.
Accordingly, Lalvol has become a subsidiary of Voltas Ltd effective 31 March, 2011. The joint venture company is engaged in water and oil well drilling, water management and landscaping businesses.
Meanwhile, the shares of Voltas were trading at Rs 184.10 apiece on the BSE, up 2.16 per cent from the previous close.
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