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Voltas said that it has entered into a technology license agreement with Vestfrost Solutions to develop, manufacture, sell and service medical refrigeration and vaccine storage equipment for the India market.
Vestfrost Solutions founded in Esbjerg Denmark in 1963, is one of the global developers and manufacturers of innovative and efficient refrigerators and freezers in the Bio Medical and Cold Chain industry and shall be providing the technology & know-how for making the products at Voltas’ facilities in India.
This partnership will leverage the strong brand presence and wide sales and distribution network of Voltas. Voltas has been the undisputed market leader for residential air-conditioners in India for over a decade and also enjoys market leadership in commercial refrigeration products in India.
Vestfrost Solutions will bring its strong R&D and manufacturing prowess, in addition to a wide product range and global sourcing capabilities. These products will be designed using Vestfrost’s global best practices and will be catering to the medical industry requirements.
Pradeep Bakshi, MD & CEO, Voltas, said, This is a logical product extension for Voltas and we are delighted to be joining hands with Vestfrost Solutions.
The strong technology prowess of Vestfrost combined with the manufacturing and distribution capabilities of Voltas, will help us offer many unique and differentiated products to the Indian market.
Voltas is a premier air conditioning and engineering solutions provider and a projects specialist. The company is part of the Tata Group. In addition to room air conditioners, it also has air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration and commercial air conditioning products in its portfolio.
The company reported a consolidated net loss of Rs 7.41 crore in Q2 FY23 as against a net profit of Rs 103.61 crore posted in Q2 FY22. Revenue from operations rose 4.2% YoY to Rs 1,739.12 crore in quarter ended 30 September 2022.
The scrip shed 0.61% to currently trade at Rs 824 on the BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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