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Voltas, Arcelik Join Hands To Invest $100 Million In Consumer Durable

The proposed JVC will leverage the strong brand presence and wide sales and distribution network of Voltas

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A Tata Enterprise and Turkey’s Ardutch B.V. have agreed to establish a Joint Venture Company (JVC) in India, to enter the consumer durables market in the country.

The new company to be incorporated in India will be an equal partnership joint venture. The proposed JVC will leverage the strong brand presence and wide sales and distribution network of Voltas.

The proposed JVC will launch refrigerators, washing machines, microwaves and other white goods/domestic appliances in India. A manufacturing facility will be set up in the country, and the JVC will also source products from Arçelik’s global manufacturing facilities and vendor base.

The Consumer Durables market in India is slated to grow by 10 per cent - 12 per cent per annum and reach $12 billion by 2027. The JVC will have an equity capital of $100 million, and Tata Investment Corporation Limited (TICL) and Koç Holding (KOÇ) will also hold 1 per cent equity stake each, in the new Joint Venture.

Commenting on the Joint Venture, Fatih Kemal Ebiçlioglu, President of Consumer Durables Group of Koç Holding, said “India stands out as an important opportunity window as it offers a great potential with its 1.3 billion population. In the last ten years alone, the Indian major domestic appliances market grew by nearly 9 per cent, surpassing the overall 3 percent growth of global white goods market.”

Arçelik will bring to the JVC its strong R&D and manufacturing prowess, in addition to a wide product range and global sourcing capabilities.

Sanjay Johri, Managing Director of Voltas, said, “Voltas’ core competence, and the manufacturing capabilities and wide product range of Arcelik, will help us become a leading player in the consumer durables market in the country.”

Tags assigned to this article:
voltas consumer durables retail