Tuesday, September 20, 2011

Voltas in talks to buy Wipro's water business

Electro-mechanical projects firm Voltas Ltd is in advanced talks to buy the water purification and treatment business of India's No.3 software services exporter, Wipro Ltd , The Times of India said, citing unnamed sources close to the development.

The soaps-to-software maker has mandated investment bank Anand Rathi to find a suitor for the water treatment business, which it entered about four years ago, the report said.

Voltas, a Tata group firm, may be looking at this acquisition to expand its water treatment business, which undertakes works for local civic bodies and for Tata group firms, the report said.

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