Voltas Ltd, an engineering projects company belonging to the Tatas, today, announced acquisition of a Mumbai based firm.
The Tata group company said it would acquire 51 per cent stake in Rohini Industrial Electricals for Rs 62 crore with an understanding that it could increase its holding upto 100 per cent in future, a release said here.
Rohini Industrial, a 25-year old company with a turnover of Rs 120 crore last fiscal, is engaged in undertaking large turnkey electrical and instrumentation projects and commands healthy profit margins.
Voltas said on completion of the proposed deal, Rohini would become its subsidiary. But there would be no change in its management team which will be led by Prashant Kandoi and Gopal Kandoi, who will continue to be its managing director and executive director.
Voltas said relationship with Rohini would help it expand scope of offerings to the customers.
Kotak Mahindra Capital acted as financial advisors to Voltas for this transaction.
