Voltas Ltd has informed BSE that the Company has, upon fulfillment/satisfaction of certain conditions precedent to Closing, transferred its Materials Handling (MH) business of development, manufacturing, marketing, sales and service of forklift trucks and warehousing equipment and all ancillary activities related thereto on May 01, 2011 (Closing Date) to SM Materials Handling Solutions Private Limited, the joint venture Company (JVC), pursuant to a joint venture with Linde Material Handling Asia Pacific Pte. Ltd., an affiliate of KION Group, Germany. The Company has received consideration of Rs. 110 crores for the transfer of its business, subject to further post-closing adjustments for net working capital and employees related obligations.

2. The name of the JVC is proposed to be changed to Voltas Material Handling Private Limited. Majority of the equity share capital of the JVC is held by Linde Material Handling Asia Pacific Pte. Ltd. As part of the joint venture arrangement, Voltas has also entered into a Supply Agreement with the JVC for forklifts and warehousing equipment to be manufactured at its Thane Plant and has granted a licence to the JVC for use of 'Voltas' brand for forklifts and warehousing equipment.