With the six-year period coming to end, the company had planned a re-entry in early 2006, and also taken initiatives for a re-launch through test-marketing of its 55-litre fridge branded Coldcell in 11 cities.
"The refrigerator market is not growing and there is over-capacity. Not a single manufacturer is making good money. On the other hand, Voltas has repositioned itself to be a global air conditioning and engineering services company,'' officials said.
The company, which clocked a turnover of Rs 1,441 crore in 2004-05, has already emerged as the number two brand after LG in the air-conditioner market in India.