Voltas Ltd has signed into a Technology License Agreement with the India market to develop, make, distribute, and service medical refrigeration and vaccine storage equipment such as ice coated refrigerators, vaccine freezers, and ultra low temperature freezers.
In India, for the manufacture and sale of medical refrigeration and vaccine storage equipment.
Vestfrost Solutions, founded in 1963 in Esbjerg, Denmark, is a global developer and manufacturer of innovative and efficient refrigerators and freezers in the Bio Medical and Cold Chain industries, and will provide the technology and know-how for the products to be manufactured at Voltas’ facilities in India.
Voltas’ strong brand presence and extensive sales and distribution network will be leveraged in this collaboration. Voltas has been the undisputed market leader in domestic air conditioners in India for more than a decade, and it also leads the market in Commercial Refrigeration equipment in India.
Vestfrost Solutions will bring strong R&D and manufacturing capabilities, as well as a diverse product line and global sourcing capabilities. These products will be designed in accordance with Vestfrost’s global best practises and will meet the needs of the medical industry.
Pradeep Bakshi, CEO of Voltas, stated that it was a timely product addition for the company. “The combination of Vestfrost’s strong technological competence and Voltas’ production and distribution skills will enable us to provide more distinctive and differentiated goods to the Indian market,” he said.
Vestfrost Solutions’ sales director, Thomas Jrgensen, stated that the rapid increase of India’s concentration on medical advancements presents a huge opportunity for our company.
Voltas is a leading provider of air conditioning and engineering solutions, as well as a project specialist. The company is a subsidiary of the Tata Group. Its portfolio includes, in addition to room air conditioners, air coolers, air purifiers, water dispensers, water coolers, commercial refrigeration, and commercial air conditioning products.
Voltas has been the market leader in household air conditioning and commercial refrigeration products in India for over a decade. Through a collaboration, it has also entered the home appliance industry, including refrigerators, microwave ovens, washing machines, and dishwashers.
In Q2 FY23, the company reported a consolidated net loss of Rs 7.41 crore, compared to a net profit of Rs 103.61 crore in Q2 FY22. In the quarter ended 30 September 2022, revenue from operations increased 4.2% year on year to Rs 1,739.12 crore. The stock has dropped 0.61% to Rs 824 on the BSE.
The company is broadly classified into two categories: projects and products. Domestic Projects Group (DPG) and International Operations Business Group (IOBG) comprise the project business (IOBG). Meanwhile, the products business is divided into three divisions: the Unitary Products Business Group (UPBG), the Mining & Construction Equipment Division (MCED), and the Textile Machinery Division (TMD) (TMD).
Building market leadership with innovative cooling solutions
Today, Voltas continues to stand at the forefront of re-engineering the future through innovative thinking and smart engineering. As India’s largest air conditioning company, Voltas is also one of the most reputed engineering solution providers, specialising in project management.
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