TATA Group firm Voltas said that its board of directors has approved the formation of a joint venture with Saudi Arabia’s Olayan Financing Company to execute electro mechanical projects in the country.

Voltas in a filing to the Bombay Stock Exchange said that “The joint venture agreement incorporating the terms and conditions has been executed between Voltas Ltd and Olayan Financing company on December 18th 2010.’

The company said both the firms will hold equal stake in the joint venture, which is expected to be operational from April 2011.

The company said that “Through this joint venture with Olayan Financing Company, Voltas seeks to leverage its vast experience, track record and expertise for MEP (Mechanical, Electrical and Plumbing) projects in the Kingdom of Saudi Arabia.”

Olayan Group comprises over 50 companies and affiliated businesses. It is engaged in product distribution, manufacturing and investments, among others.

(Sourced from PTI)