Business News / Tata Group is now preparing to sell Voltas, impact visible on share price

Business News: Tata Group is preparing to exit the home appliances business of its electronics company Voltas. This decision has been taken by the company due to increasing competition in the market. News agency Bloomberg has given this information quoting sources.

A report said that Tata Group management is currently in talks for a possible sale of the business. The company has not yet reached any conclusion or final deal. It was also told that talks for the sale of Voltas' home appliances business are still in the initial stage. It is possible that Tata Group may decide to retain Voltas company completely and for a period of time. Let us tell you, the representative of Tata Group has refused to say anything on the questions raised regarding this report.

Decline in shares

The impact of the news of Tata Group selling the business was seen on Voltas shares. Shares of Voltas closed at Rs 813.80 with a decline of 1.70 percent in today's trading session. Voltas shares touched a high of 829.85 and a low of 811.25 during the day's trading.

Voltas business

The name of Voltas comes among the big electronic companies of the country. The company manufactures ACs, water coolers, fridges and other electronic appliances. The company's business extends to India, the Middle East, South East Asia and Africa. The market value of the company is $3.3 billion.

The company has also launched a brand Voltas Beko in the market under joint venture with Arcelik, which manufactures home appliances. Its income is 1.2 billion dollars. Its market share in freezers is around 3.3 percent and in washing machines it is around 5.4 percent.