Tata is contemplating selling its home appliance division: Report

 Tata is contemplating selling its home appliance division: Report

The individuals stated that Tata Group may choose to hold onto the asset for a longer period of time given the early stage of considerations.

Having been established in 1954, Voltas produces water coolers, air conditioners, and commercial refrigeration systems.

Based on persons familiar with the subject, Tata Group is contemplating selling Voltas Ltd.'s home appliance division since the Indian conglomerate anticipates challenges in growing the company in a cutthroat market.

The persons asked not to be named because the information is confidential said that Tata Group's management is considering the sale and hasn't decided whether to include its local joint venture with Arcelik AS in a transaction.

According to the sources, Tata Group may choose to hold onto the asset for a longer period of time given the preliminary considerations. Tata Group refused to provide a statement.

This year, Voltas's Mumbai share price has increased by almost 3%, making the firm worth approximately $3.3 billion.

According to their website, Voltas was established in 1954 and produces water coolers, air conditioners, and commercial refrigeration systems. It is found in Southeast Asia, Africa, the Middle East, and India.

Along with its joint venture with Arcelik in India, the business has introduced a line of household appliances under the Voltas Beko brand in the local market.

For the most recent fiscal year, Voltas Beko declared revenue of around 96.7 billion rupees ($1.2 billion). According to Voltas Beko's quarterly financial report, as of September 30, the company had a 3.3% market share for refrigerators and a 5.4% market share for washing machines in India.