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2 months ago
BRIEF-Arcelik to set up JV with Voltas for production and sale of home appliances in India
May 23, 2017 / 4:23 PM / 2 months ago

BRIEF-Arcelik to set up JV with Voltas for production and sale of home appliances in India

2 Min Read

May 23 (Reuters) - ARCELIK AS:

* A JOINT VENTURE AGREEMENT HAS BEEN SIGNED BETWEEN WHOLLY-OWNED SUBSIDIARY ARDUTCH BV, PARENT COMPANY KOÇ HOLDING AND; VOLTAS LIMITED AND TATA INVESTMENT CORPORATION LIMITED, TATA GROUP COMPANIES BASED IN INDIA,

* THE COMPANY WILL BE GOVERNED AS PER JOINT MANAGEMENT PRINCIPLES AND SHAREHOLDING RATIOS WILL BE AS ARDUTCH B.V. 49%, KOÇ HOLDING 1%, VOLTAS LIMITED 49%, TATA INVESTMENT CORPORATION LIMITED (TICL) 1%

* THE JOINT VENTURE WILL BE ESTABLISHED WITH AN INITIAL CAPITAL OF C. USD 1,500

* AFTER THE CLOSING DATE, A CAPITAL INCREASE OF USD 100 MILLION, MINIMUM INVESTMENT AMOUNT, IS PLANNED TO BE MADE TAKING INTO CONSIDERATION THE COMPANY'S BUSINESS PLAN AND CASH FLOW REQUIREMENTS

* THE JV COMPANY TO ENGAGE IN THE PRODUCTION AND SALES OF REFRIGERATORS, IN ADDITION TO THE SALES OF WASHING MACHINES, DISHWASHERS, DRYERS, MICROWAVES AND OTHER WHITE GOODS

* WITHIN THE SCOPE OF THE JOINT VENTURE AGREEMENT THE PRODUCTS WILL BE UNDER VOLTAS-BEKO BRAND Source text for Eikon: Further company coverage: (Gdynia Newsroom)

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