Tata Group firm Voltas today said it has increased its stake to 60% in Lalvol, a joint venture between the Indian company and Oman-based Lalbuksh Contracting and Trading Establishment.
The company said it has bought 11% stake in the JV firm -- Lalbuksh Voltas Engineering Services & Trading LLC (Lalvol) for around Rs 6.65 crore.
"Voltas has acquired 11% shareholding of the local partner in Lalvol for Rs 6.65 crore and increased the shareholding from 49% to 60% in Lalvol," Voltas said in a filing to the Bombay Stock Exchange.
Accordingly, Lalvol has become a subsidiary of Voltas Limited effective 31 March, 2011, the firm added.
The JV is engaged in water and oil well drilling, water management and landscaping businesses.
Shares of Voltas Limited were trading at Rs 184.10 apiece on BSE, up 2.16% from the previous close.