Voltas Ltd has received INR1.1 billion (USD24.7 million) after transferring its materials handling business to its joint venture company JM Material Handling Solutions Pvt Ltd.

JM Material Handling is a joint venture between Voltas and Linde Material Handling Asia Pacific Pte Ltd, a KION Group affiliate, which has a majority stake in it.

A Reuters report said there were plans to rename the joint venture company Voltas Material Handling Pvt Ltd.

The report also said Voltas has entered into a supply agreement with the joint venture for forklifts and warehousing equipment to be manufactured at its Thane plant, in Maharashtra, and has granted a licence to the joint venture company to use the Voltas brand name.

Forkliftaction.com News contacted Voltas for details of the transfer but did not receive a response by press time.