Voltas and KION Group of Germany have agreed to establish a joint venture in India for the development, manufacture, market, and service forklift trucks and warehousing equipment.
Voltas's material handling operations will be integrated into a new joint venture company, Voltas Materials Handling (VMH), where the KION Group will hold a majority share.
The joint venture is expected to start operations in April this year.
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As the KION Group's sixth brand, Voltas will be used by VMH to focus on the Indian market with a product range that includes diesel/LPG and electric trucks with load capacities of 1.5-16 tonnes. VMH will have 25 branches and dealerships all over India, according to a company release.
Commenting on the joint venture, Gordon Riske, CEO, KION Group, said “We are proud to welcome Voltas to the KION family of brands. Voltas is one of the most successful forklift manufacturers in India, and will provide our group with in-depth knowledge of the forklift truck market in India.
“As part of our long-term strategy, we intend to further invest within this joint venture to take full advantage of the potential of the Indian market.”
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Sanjay Johri, Managing Director, Voltas, said, “We are happy to work with the KION Group. KION has unrivalled knowhow and technological leadership in the forklift truck business, so the partnership will help VMH further consolidate its leading position in India.”
Until now, the KION Group has been supplying forklift trucks to India through its Linde Material Handling and STILL brands and is a leading international supplier of material handling equipment to the Indian market.
VMH will serve the volume market with its existing product range, the release added.