Voltas, a Tata group company, will buyout its joint venture partner Fedders International's 50% stake in Universal Comfort Products (UCPL) for Rs 7.5 crore.Universal Comfort is engaged in the business of manufacturing room airconditioners and split airconditioners. Its products are marketed by Voltas and Fedders, as per a release issued by the company to the BSE today.Fedders have agreed to divest and offered to transfer their 50% stake in UCPL to Voltas. Following the transfer of shares, UCPL would become a wholly-owned subsidiary of Voltas.Meanwhile, the Volas will also acquire 100% holding in its Saudi Arabian joint venture Saudi Ensas Company. The joint venture is engaged in execution and operations / maintenance of electro mechanical installations.Voltas, which has 49% in JV, will acquire 51% stake from a local company. It did not name the local company. The transafer of shares in subject to approvals from Kingdom of Saudi Arabia and Reserve Bank of India. After the transfer of shares, Saudi venture will become wholly-owned entity of Voltas.
