Voltas plans new investments

Voltas said a limited liability company-Voltas Oman LLC-was incorporated in the Sultanate of Oman with an initial capital of Omani Royal 500,000 to be held in the proportion of 65% by Voltas Group and the balance 35% by Mustafa Sultan Group.The JV will engage in the business of executing electro-mechanical projects in the Sultanate of Oman, it said.In May last year, a memorandum of understanding was executed between Voltas and Mustafa Sultan Group to form a joint venture in the Sultanate of Oman, after completing the lega procedures Upon receipt of requisite approvals and capital contribution from both the joint venture partners, the board of Voltas Oman LLC has allotted shares totaling Omani Riyal 500,000 to the joint venture partners in the aforesaid proportion, whereby Voltas Oman LLC became a subsidiary of Voltas effective March 27, 2011.