The KION Group has acquired Voltas Ltd's 34% minority shareholding in Voltas Material Handling Pvt Ltd (VMH), the joint venture formed between the two in May 2011.
VMH will continue to use the "Voltas" brand for its products and services although the KION Group is now the company's sole shareholder. Meanwhile, VMH chief executive Sunil K Gupta has been appointed as the company's managing director.
"The acquisition of VMH in its entirety is another milestone in our successful global growth strategy," says Gordon Riske, CEO of the KION Group. "This step paves the way for us to continue to tap into the Indian market and harness its attractive long-term potential for growth."
VMH is one of the KION Group's six brand companies. It develops, manufactures, sells and maintains forklifts and warehouse trucks under the Voltas brand. VMH's manufacturing is based in India and its business activities focus primarily on the Indian market. Its product range includes diesel trucks, LPG trucks and electric forklift trucks with load capacities of 1.5 to 16 T as well as warehouse trucks.
Construction of a new plant in Pune enabled VMH to double its production capacity last year. VMH has a network of 14 sales offices and 35 dealerships with which it serves the Indian market.
Gupta says: "We want to build on our leading position in India and become - and stay - the undisputed number one. The pairing of VMH's experience of the Indian market with KION's technology leadership puts us in the best possible position to achieve this objective."
The KION Group employed about 22,000 people and generated revenue of about EUR4.4 billion (USD5.6 billion) in 2011.