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The logo of Tata Group is seen at a business meeting organised by the Confederation of Indian Industry (CII) in New Delhi March 23, 2009. REUTERS/Vijay Mathur (INDIA BUSINESS)/File Photo Acquire Licensing Rights
BENGALURU, Nov 7 (Reuters) – India’s Tata Group is considering selling the home appliances business of Voltas (VOLT.NS), in which it has a nearly 30% stake, as the conglomerate expects difficulties in scaling it up in a competitive market, Bloomberg News reported on Tuesday.
The considerations are at an early stage and Tata has not yet decided if the sale will include Voltas’ consumer durables local joint venture, Voltbek Home Appliances, Bloomberg reported, citing people familiar with the matter.
The report did not give financial details of the deal.
Voltas, which makes air conditioners and water coolers among other products, and the salt-to-software conglomerate Tata group did not immediately respond to Reuters’ request for comment.
Voltas’s shares fell nearly 2% to a session-low of 812.5 rupees on the report. The company had a market value of 274.20 billion rupees ($3.29 billion) as of Monday.
Last month, Voltas’s second-quarter profit fell short of market expectations due to higher raw material costs.
($1 = 83.2542 Indian rupees)
Reporting by Manvi Pant in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D’Souza
Our Standards: The Thomson Reuters Trust Principles.
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