Voltas has proposed its intentions to manufacture air-conditioner compressors in the country with a partner from either Japan or Korea after its previous such joint venture proposal with China's Highly International was rejected by the government. According to its managing director and CEO, Pradeep Bakshi, the Tata-owned home appliance company has lined up investments worth more than Rs 1,300 crore in manufacturing, including components such as compressors, capacity expansion, and the production of modern home appliances.

"The compressor project is still on, and we are looking at other partnerships," he said. "The company is on an investment spree on new factories apart from backward integration."

The compressor project will involve investment of over '350 crore. Voltas is also investing '500 crore immediately in the Chennai plant to produce AC and has plans to infuse another '500 crore in it over the next 4-5 years. The company is setting up commercial refrigeration production at Waghodia in Gujarat. In its Sanand plant, it is producing refrigerators and washing machines and will soon start semi-automatic washing machine manufacturing, as per economic times.

Voltas said recently that it will raise up to Rs 500 crore through the private placement of listed, unsecured, redeemable non-convertible debentures to fund capital expenditure for its new production units in Chennai and Waghodia, Gujarat.

Bakshi stated that the firm is evolving from only air conditioners and air coolers to a full-fledged home equipment maker. As part of this, it is expanding into minor household equipment such as water heaters and kitchen appliances such as a cooktop and a mixer-grinder.