Voltbek Home Appliances - a joint venture between Voltas and Ardutch BV -- on Thursday said it expects 10 percent market share in five years' time after launching their factory in Gujarat's Sanand.
The factory will be used to manufacture home appliances, including refrigerators and washing machines.
In May 2017, Voltas had formed a JV with Arcelik AS, a company incorporated in Istanbul, Turkey. The JV company proposes to leverage the brand presence and sales and distribution network of Voltas, while Arcelik AS will contribute to R&D and manufacturing.
Both Voltas and Arçelik hold 49 percent in the joint venture while their parent companies (Tata Group and Koç Holding) hold one percent each.
The products of the JV company will be marketed under the 'Voltas Beko' brand.