Voltbek Home Appliances Private Limited
On May 23rd, 2017, Arçelik and Voltas Limited, part of the Tata Group, had announced a deal that would see Arçelik and Voltas, India’s largest air conditioning brand, enter a 50:50 joint venture (JV) for consumer durables.
The incorporation of the Indian company as “Voltbek Home Appliances Private Limited” was completed on August 18th, 2017. Voltbek Home Appliances Private Limited will use the brand name “VoltasBeko”.
The company’s shareholding structure is as follows: Ardutch B.V. (49%), wholly owned subsidiary of Arçelik, Koç Holding (1%), Voltas (49 %), and Tata Investment Corporation Limited (1%).
The first board meeting was held in Berlin on September 5th. The second and third meetings were held in Mumbai on October 23rd and 25th respectively.
Voltbek’s initial appointments became effective as of November 1st and are as follows:
Prasoon Kumar: CEO
Fikri Özdemir: Operations Director
Oğuz Sülek: CFO
Gökhan Yavuz: Factory Manager
Prasenjit Basu: Marketing Head
In 2018, Voltbek will launch refrigerators, washing machines, microwaves and other major domestic appliances for the fast-growing consumer durables market in India.
A refrigerator plant for direct cool & no-frost products will become operational by the end of 2018. Other products will be mainly outsourced from existing Arçelik plants.
Voltbek has ambitious targets to reach 1 billion USD revenue and exceed 10% market share in Indian market in the next ten years.
About Tata and Voltas
Voltas, established in 1954 in Mumbai, India, operates within the main shareholder Tata Group. Tata, one of Asia's most important conglomerates, has USD 100 billion in revenues as of fiscal year ending in March 2017 and approximately 700 thousand employees. Within TATA Group companies, TATA Sons operates as its main holding company. The market value of 29 publicly traded companies of the Tata Group, which amounted to USD 145 billion as of November 8th, 2017, accounts for 6.5% of the total market capitalization of the Indian Bombay Stock Exchange. Major Tata companies are; TCS (Tata Consultancy Services), Tata Motors (incl. Jaguar Land Rover), Tata Steel, Taj Group, Tata Power etc.
Voltas, which achieved a net turnover of approximately USD 900 million as of the fiscal year end of March 2017, has three production plants in India. The company’s core competence lies in management and execution of electro-mechanical projects, most significantly in air conditioning and refrigeration; design, manufacture and marketing of cooling appliances and air conditioning and refrigeration equipment; and supply, installation and service support of engineering-based products and solutions. Voltas, 69.7% publicly held, has a market cap of around USD 2.8 billion as of November 8th, 2017.