A news wire agency's report stating that the Tata group was considering selling the Voltas' home appliances division was deemed "incorrect" by Voltas Ltd.
The company stated the story was "totally incorrect and blatantly false, with no factual basis whatsoever" in a clarification sent to the exchanges. Therefore, the management disputes any such occurrence, according to a report by The Hindu Business Line.
It declared that it would further solidify its market position in the categories it represented and reiterated its dedication to the home appliances industry.
The management of the Tata Group was allegedly "deliberating the possibility of the sale" because it anticipated challenges in growing the company in a cutthroat market, according to a Bloomberg article that cited anonymous sources with knowledge of the situation.
“The organisation continues to outperform the market and exceed revenue targets in all its product categories.”
In order to sell a variety of appliances and consumer durables, such as refrigerators, washing machines, and microwaves in India, Voltas and Istanbul-based Arcelik formed Voltbek Home Appliances in 2017.
Voltas Beko sold more than 4 million units in the September quarter, up more than 40 per cent from the same period last year. In refrigerators, its market share was 3.3 per cent, while in washing machines, it was 5.4 per cent. The company had stated that it anticipated breaking even by FY25, but that the disruption of Covid would force it to postpone its goal of obtaining a 10 per cent share by two to three years.