Voltas Ltd to form JV with Atomberg for AC compressors

Voltas Limited has announced its Board of Directors has approved entering into a Binding Term Sheet with Atomberg Innovation Private Limited to establish a Joint Venture in India. The JV will focus on the development, manufacturing, and commercialization of Room Air Conditioner compressors. This strategic move aims to build indigenous compressor technology and manufacturing capabilities, enhance supply chain resilience, increase localization, and reduce reliance on global suppliers. The transaction is contingent upon satisfactory due diligence, execution of definitive agreements, and obtaining necessary approvals. The proposed JV will be held on an equal shareholding basis, with Voltas nominating three directors and Atomberg nominating two.