According to the company’s website press release on April 26, 2023, this is to inform that as a part of internal restructuring of overseas business operations of the Company, the Board of Directors of the Company have, at its Meeting, approved the proposal for transfer of overseas branch offices of the Company at Dubai, Abu Dhabi, Sharjah in the United Arab Emirates (UAE), Doha in Qatar, Bahrain and Singapore to Universal MEP Projects Pte Limited (UMPPL), Singapore, a wholly-owned subsidiary of Voltas Netherlands B.V., which is a direct 100% wholly-owned subsidiary of Voltas Limited. The transfer would be on slump sale basis through execution of Business Transfer Agreement (BTA) for each branch separately, subject to satisfactory completion of conditions precedent, including novation of existing contracts of Voltas in favour of UMPPL by the Main Contractors/Clients and such other compliances or procedures necessary or applicable in the respective local jurisdictions.
The Directors have also approved transfer of Voltas direct investments in overseas subsidiary companies – Weathermaker FZE (100%), UAE, Saudi Ensas Company for Engineering Services W.L.L., Kingdom of Saudi Arabia (92%) and Lalbuksh Voltas Engineering Services & Trading L.L.C., Sultanate of Oman (20%) to UMPPL through Share Purchase Agreement (SPA) for each company respectively, subject to requisite approvals as may be required in that behalf.
Upon consummation of the aforesaid transactions, the international business operations would get housed in the Singapore entity – UMPPL.
The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year
Revenue of overseas branches (Dubai, Abu Dhabi, Sharjah in UAE, Doha in Qatar, Bahrain and Singapore) for Projects business (hereinafter referred to as ‘Overseas Branches’) for the financial year 2022-23 was aggregating ₹ 1027.40 crores. (13.09% of total revenue of Voltas Limited (‘Voltas’) for the said year.
Net Worth’ of the aforesaid overseas branches as at 31st March, 2023 was ₹ 206.34 crores. (3.43% of total Net Worth of Voltas).
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Published on May 12, 2023 12:34 PM (GMT+8)Last Updated on May 12, 2023 12:34 PM (GMT+8)
