Corporate News 25-Mar-21
Voltas executes business transfer agreement with subsidiary - UMPESL
Voltas has executed a business transfer agreement with its wholly owned subsidiary, Universal MEP Projects & Engineering Services (UMPESL) for transfer of its domestic projects business relating to mechanical, electrical and plumbing (MEP)/ heating, ventilation and air-conditioning (HVAC) and water projects, mining and construction equipment (M&CE) business and textile machinery division business to UMPESL, subject to satisfactory completion of Conditions Precedent on or before the 'Closing Date' in accordance with the provisions of BTA. The transaction is expected to be consummated by end of September 2021 or such other date as may be mutually agreed between the Company and UMPESL.
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