Voltas has incorporated Universal MEP Contracting L.L.C. in Dubai as a wholly-owned subsidiary of Universal MEP Projects Pte. Limited. The new entity will focus on Mechanical, Electrical, and Plumbing (MEP) projects, the company said in a press release on the stock exchanges.
The newly incorporated subsidiary will engage in Mechanical, Electrical, and Plumbing (MEP) projects along with related activities.
As both UMPPL and Universal MEP Contracting L.L.C. are step-down subsidiaries of Voltas, this share subscription does not qualify as a related-party transaction. Voltas received the official intimation of this incorporation on January 22, 2025
Voltas has completed the transfer of its 100% direct investment in Weathermaker FZE, UAE, to its step-down subsidiary Universal MEP Projects Pte Limited (UMPPL) in Singapore.
This transfer was finalised on January 15, 2025, after meeting all the required conditions and receiving necessary approvals, with a consideration of ₹30 crore paid to the company. Despite the transfer, Voltas’ economic interest in Weathermaker FZE remains unchanged, and the latter continues to be a wholly owned subsidiary of Voltas.
Additionally, the transfer of Voltas’ direct investment in Saudi Ensas Company for Engineering Services and Trading LLC to UMPPL is expected to be completed by March 31, 2025, or another mutually agreed date.
Voltas’ share price traded 1.62% lower at ₹1,473.40 at 9:30 AM on the NSE, after opening higher at ₹1,500, compared to ₹1,497.65 at the previous close. This follows a 0.64% gain in yesterday’s session, ending a three-session losing streak.
Voltas Limited, established in 1954, is a prominent Indian multinational company and a part of the Tata Group, known for its expertise in air conditioning, water solutions, and home appliances.
The company operates in over 100 countries and employs millions worldwide, offering a diverse range of products including air conditioners, refrigerators, washing machines, water dispensers, coolers, and more. Voltas is India’s largest air conditioning company.
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Published on: Jan 24, 2025, 9:49 AM IST
Neha Dubey
Neha Dubey is a Content Analyst with 3 years of experience in financial journalism, having written for a leading newswire agency and multiple newspapers. At Angel One, she creates daily content on finance and the economy. Neha holds a degree in Economics and a Master’s in Journalism.
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