Voltas to form JV with Saudi firm

On Monday, Board Of Directors of TATA GROUP firms Voltas has approved the formation of a joint venture with Saudi Arabia's Olayan Financing Company. They form joint venture for execute electro-mechanical projects which are in the Saudi-Arebia. On 18 December 2010, the joint venture agreement incorporating the term and conditions of JVC has been executed. In between Voltas limited and Olayan Financing Company. Both firms are hold equal stake in the joint venture, they expected to be operational from April 2011..