The KION Group has today acquired Voltas Limited’s 34% minority shareholding in Voltas Material Handling Pvt. Ltd. (VMH). VMH was founded jointly by the KION Group and Voltas Limited in May 2011. The KION Group has now become the sole shareholder.
VMH will continue to use the “Voltas” brand for its products and services. Mr. Sunil K. Gupta, currently the CEO of VMH, has also been appointed as Managing Director of VMH. VMH is one of the KION Group’s six brand companies. It develops, manufactures, sells and maintains forklift trucks 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 tonnes plus 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 hugely populous Indian market.
“The acquisition of VMH in its entirety is another milestone in our successful global growth strategy,” said 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.”
Sunil K. Gupta, Managing Director of VMH, added: “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.”