MUMBAI: Air-conditioning and cooling products maker Voltas Ltd saidVoltas Material Handling Ltd, its joint venture company with Germany'sKION Group , has set up a new plant in Pune at an investment of 120 million rupees.

The new facility will manufacture diesel and electric forklift trucks, the company said in a statement.

Last year, the company produced 1,700 forklifts from its Thane plant and the plant in Pune will have the same capacity by the end of this year.

At 11.56 AM, shares of the company were up 0.85 percent at 148.45 rupees in a choppy Mumbai market.