Voltas announced it has transferred its materials handling business to SM Materials Handling Solutions, the joint venture company, pursuant to a joint venture with Linde Material Handling Asia Pacific, an affiliate of KION Group of Germany.

The company has received consideration of INR 1.1 billion for the transfer of its business subject to further post closing adjustments for net working capital and employees related obligations.

The name of the JVC is proposed to be changed to Voltas Material Handling. Majority of the equity share capital of the JVC is held by Linde Material Handling Asia Pacific. As part of the joint venture arrangement, Voltas has also entered into a supply agreement with the JVC for forklifts and warehousing equipment to be manufactured at its Thane Plant and has granted a license to the JVC for use of Voltas brand for forklifts and warehousing equipment.

(Sourced from www.indiainfoline.com)