The new company, Voltbek Home Appliances Pvt. Ltd (Voltbek), is an equal partnership joint venture.
Tata group firm Voltas and a home appliances maker Arcelik have formed a joint venture to launch a new brand, Voltas Beko, in India. The newly-launched brand has introduced a range of home appliances in the country, which includes refrigerators, washing machines, microwaves, and dishwashers.
The new company, Voltbek Home Appliances Pvt. Ltd (Voltbek), is an equal partnership joint venture. The company aims to generate Rs 10,000 crore of revenue in the next seven-eight years by selling household appliances.
Both Voltas and Arcelik will invest Rs 1,000 crore in the next four-five years. The investment will be done to set up a home appliances plant in Gujarat, and in marketing activities.
The company is also targeting to launch more than 100 SKUs over the next three months.
Pradeep Bakshi, Managing Director & CEO of Voltas, said, "Overall we are investing more than Rs 1,000 crore in the next 4 to 5 years on manufacturing, sales and marketing of the products. We have already bought a land parcel of 60 acre in Sanand near Ahmedabad, where we are going to manufacture. We have already started civil works at the factory and the products would be coming out by the second quarter of the next year."
Hakan Bulgurlu, CEO of Arcelik, said, "Some components would be imported but, the idea is over time to localise as much as possible."