Engineering solutions provider Voltas is setting up a joint venture with Riyadh-based Olayan Financing Company to execute electro-mechanical projects in Saudi Arabia.
The 50:50 venture would be operational from April 2011, the Tata Group company said in a filing with the Bombay Stock Exchange (BSE).
"Through this joint venture with Olayan Financing Company, Voltas seeks to leverage its vast experience, track record and expertise for MEP (mechanical, electrical and plumbing) projects in the Kingdom of Saudi Arabia (KSA)," the company said.
Founded in 1947, the Olayan Group comprises of over 50 companies and affiliated businesses. In KSA, Olayan engages in products distribution, manufacturing, services and investments alongside multi-national and regional partners.