Voltas - Purchase of Shares of SECL, Saudi Arabia - Joint Venture Company

Voltas Ltd has informed that Saudi Ensas Company Ltd (SECL) a joint venture Company, is a limited liability Company incorporated in Jeddah, Kingdom of Saudi Arabia (KSA) and has a paid up capital of SR 2.600 million, Voltas Ltd along with its subsidiary holds 49% of the capital and the balance 51% is held by a local Company in Saudi Arabia. SECL is engaged in the execution and operations / maintenance of electro mechanical installations in KSA.

As part of rehabilitation / financial restructuring of SECL, the local partner has agreed to transfer their entire 51% shareholding in SECL to Voltas Ltd for 'Nil' consideration. The transfer of shares is subject to statutory approvals in KSA and approval of the Reserve Bank of India. Upon receipt of requisite approvals for transfer of 51% shareholding in favour of the Company, SECL would cease to be a joint venture Company and become a wholly-owned subsidiary of Voltas Ltd.