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Voltas Ltd has signed a Memorandum of Understanding between Mustafa Sultan Enterprises LLC, Muscat, Sultanate of Oman for joint venture operations for execution of electro-mechanical (MEP) projects in Sultanate of Oman. The MoU has been approved by the Voltas Board of Directors. The MoU is expected to facilitate Voltas' entry in MEP segment in Sultanate of Oman.
Voltas Group would hold 65% and balance 35% by Mustafa Sultan Group. Upon allotment of shares, the joint venture company would become a subsidiary of Voltas. The new joint venture is expected to be operational some time from June 2010, subject to requisite approvals in respect thereof.
Mustafa Sultan Enterprises L.L.C, owned by the Mustafa Sultan Group in Sultanate of Oman is one of the prominent technology leaders and has diversified businesses in premium electronic products, lighting solutions, office automation technologies, industrial products, and information and communication products, backed up by world class services.
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