Voltas Ltd, a leading air conditioner manufacturer, stated that it has formed a joint venture with Highly International (Hong Kong) Ltd to produce compressors in India.
Voltas said in a regulatory filing that it signed a joint venture agreement with Highly International (Hong Kong), a wholly-owned subsidiary of Shanghai Highly (Group) Company, on April 30, 2022, “to engage in the business of design, development, manufacture, marketing, sale, and service of inverter compressors” for room AC, as well as motors for inverter compressors and their associated parts.”
The arrangement also covers the sourcing of raw materials and components needed to manufacture these goods, according to the company.
