Voltas Limited, a Tata and Vestfrost Solutions business has entered into a technology license agreement to develop, manufacture, sell and service medical refrigeration and vaccine storage equipment, including ice-lined refrigerators, vaccine freezers and ultra-low temperature freezers in the Indian market.
Vestfrost Solutions, founded in Esbjerg, Denmark in 1963, is one of the world’s leading developers and manufacturers of innovative and efficient refrigerators and freezers in the biomedical and cold chain industry and will provide the technology and know-how necessary for the manufacture of products in Voltas facilities. in India.
This collaboration will leverage Voltas’ strong brand presence and extensive sales and distribution network. Voltas has been the undisputed market leader in residential air conditioners in India for over a decade and also enjoys market leadership in commercial refrigeration products in India.
Vestfrost Solutions will bring its strong R&D and manufacturing prowess, in addition to a wide product range and global sourcing capabilities. These products will be designed using Vestfrost’s global best practices and will meet the requirements of the medical industry.
Commenting on the partnership, Mr. Pradeep Bakshi, MD and CEO of Voltas Limited said, “This is a logical product extension for Voltas and we are delighted to partner with Vestfrost Solutions. Vestfrost’s strong technological prowess, combined with Voltas’ manufacturing and distribution capabilities, will help us bring many unique and differentiated products to the Indian market. »
Thomas Jørgensen, Sales Director, Vestfrost Solutions, said, “India’s growing interest in medical infrastructure presents a great opportunity for our business. The growth potential of this market is incredibly exciting and we are proud to partner with Voltas and the Tata Group, to deliver world class products to the medical industry in India.
On Tuesday morning, Voltas Ltd is currently trading at Rs822.30 per share, down Rs1.25 or 0.15% from its previous close of Rs823.55 per share on BSE.
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