Voltas Limited, the Rs 9,499 crore (FY 23) company that is part of the Tata Group is looking to position itself among the top three in consumer durable brands, stated chairman Noel Tata in an interview with The Economic Times (ET) dated September 6, 2023. He aims to make the company a leader in the entire home appliances space which includes air cooling, refrigeration, dishwashers and washing machines. One of the foremost names in the home air conditioning (AC) and refrigeration space in the 1980s, the company had lost some of its sheen of late. The news report ascribed the slide to aggressive competition and the company’s "lack of the latest tech(nology) and scale.” All that is set to change, according to Tata, half-brother of Group chairman emeritus Ratan.
Appreciative of the union government’s "Make in India” initiative, Noel stated that Voltas has announced its biggest ever investment in manufacturing, especially room and commercial AC. "I am confident that in the long run, these investments will strengthen the company significantly,” he said.
Noel Tata
The company’s key partner is Beko, the world’s third largest manufacturer of white goods with 3,000 registered patents. "We have married a world class consumer durables company with one of the best distribution organizations in the country,” stated Noel.
While the company grew from Rs 7,556 crores in FY 21 to its FY 23 level of nearly Rs 9,500 crores, profit was adversely impacted by the pandemic.
Voltas’ market share of the room AC market, which had dropped for three quarters, has now reportedly stabilized and started revving up, stated ET. The company has regained market share in refrigeration, stated the report.
Noel is also chairman of the Group’s retail company Trent Limited and vice chairman at Tata Steel and Titan Industries, a fashion accessory company. Trent, with a turnover of Rs 7,715 crores, successfully runs the Westside chain of upmarket clothing and home accessories stores. It recently diversified into the price sensitive tier 2 and 3 towns with its clothing brand Zudio. Other brands in the Trent portfolio include hypermarket chain Star, ethnic apparel company Utsa and fashion accessory and beauty products company, Misbu.
Complimenting Trent’s launch of its new traditional Indian clothing brand Samoh, the newspaper Daily News and Analysis stated on August 16 that Samoh will "give tough competition to Manyavar (an established name in wedding wear) and Isha Ambani’s Reliance Trends. The brand Samoh opened its first store in Hazratganj in Lucknow, Uttar Pradesh and is expected to spread across the country. Noel told the newspaper that Samoh’s range draws inspiration from traditional roots and blends seamlessly with modern aesthetics. "Samoh will undoubtedly provide a compelling touch of luxury and sophistication to our customers while they shop for their special moments in life.”