Corporate News 06-Nov-20
Board of Voltas approves proposal for restructuring of B2B business
At meeting held on 06 November 2020
Voltas announced that the Board of Directors of the company at its meeting held on 06 November 2020 agreed in-principle a proposal for restructuring of B2B businesses, comprising domestic Projects business relating to MEP/HVAC and Water projects and contracts, Mining and Construction Equipment (M&CE) business and Textile Machinery Division (TMD) by transferring them to a 100% wholly owned subsidiary company - Rohini Industrial Electricals (RIEL). The name of RIEL would also be appropriately changed to suitably represent and reflect these businesses. While the transfer of the aforesaid businesses would be on a slump sale basis as a going concern, the mode of transfer and other requirements are being looked into and necessary action and requisite approvals, as may be required would be taken.
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