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Voltas proposed a Rs 500 crore compressor plant in partnership with China's Highly International, which has not yet received government clearance. The article is dated 1 January 2023.
Voltas plans a Rs 500 crore compressor plant near Chennai as a joint venture with Highly International, pending government clearance; the JV will also sell to other brands and export.
Voltas plans a Rs 500 crore compressor plant near Chennai as a joint venture with China's Highly International, which is awaiting government clearance under Press Note 3 and PLI approvals.
Voltas Ltd executed a joint venture agreement on April 30, 2022 with Highly International (Hong Kong) to manufacture inverter compressors, motors and parts in India. Highly International will hold 60 percent, and the JV will have Rs 250 crore of equity capital. Completion is subject to approvals including Press Note 3 clearance.
The joint venture Highly Marelli Holdings between Highly International and Marelli Corporation was officially established on January 28, 2021. It focuses on electrified compressors, heat pumps and HVAC systems for vehicles, with direct access to the Chinese market.
