Voltas (NSE:VOLTAS, BOM:500575) said its board approved the transfer of its Dubai and Abu Dhabi branches to Universal MEP Contracting, Dubai, according to a release filed with Indian bourses on Thursday.
Universal MEP Contracting is a wholly owned subsidiary of Universal MEP Projects, a step-down subsidiary of Voltas in Singapore.
The transfer, executed through business transfer agreements, includes ongoing projects, assets, liabilities, employees, and pre-qualifications on a slump sale basis, the release said.
The restructuring consolidates Voltas' international operations under Universal MEP Projects while retaining its economic interest at the consolidated level, the release added.
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