Mumbai: Tata Group firm Voltas on Tuesday said that it has increased its stake to 60 per cent in Lalvol, which is a joint venture between the Indian company and Oman-based Lalbuksh Contracting and Trading Establishment.

In a filing to the Bombay Stock Exchange Voltas said, "the company has acquired 11 per cent shareholding of the local partner in Lalvol for Rs 6.65 crore and increased the shareholding from 49 per cent to 60 per cent in Lalvol.”

The firm added that accordingly, Lalvol has become a subsidiary of Voltas Limited effective from 31 March, 2011.

The JV is engaged in the business of water and oil well drilling, water management and landscaping.
Shares of Voltas Limited were trading at Rs 184.10 apiece on BSE, up 2.16 per cent from the previous close.