Tata Group firm Voltas today said its board of directors has approved the formation of a joint venture with Saudi Arabia's Olayan Financing Company to execute electro-mechanical projects in the country.
"The joint venture agreement incorporating the terms and conditions JVC has been executed between Voltas Limited and Olayan Financing company on December 18, 2010," Voltas said in a filing to the Bombay Stock Exchange.
The company said both the firms will hold equal stake in the joint venture, which is expected to be operational from April 2011.
"Through this joint venture with Olayan Financing Company, Voltas seeks to leverage its vast experience, track record and expertise for MEP (Mechanical, Electrical and Plumbing) projects in Kingdom of Saudi Arabia (KSA)," the firm said.
Olayan Group comprises over 50 companies and affiliated businesses. It is engaged in products distribution, manufacturing and investments amongst others.
