Tata group firm Voltas and Atomberg Technologies’ engineering arm plan to set up a 50:50 joint venture to develop and manufacture room air conditioner (AC) compressors in India, reviving Voltas’ efforts to localise a critical component while expanding Atomberg Innovation’s industrial business.
Voltas’ board approved a binding term sheet with Atomberg Innovation Private Limited on Friday, an exchange filing showed. The venture will be owned equally, although Voltas will nominate three directors to its five-member board and Atomberg Innovation two. Voltas owns no stake in Atomberg Innovation.
