Voltas Limited, the undisputed market leader for Air-Conditioners in India, today announced its partnership with Tata Power to promote energy efficient ACs in Mumbai. As part of the exclusive scheme, the consumers will be able to avail up to 50% discount on purchase of Voltas' 5-star rated ACs. The partnership is in line with the Group's energy conversation drive.
Under the scheme, Tata Power's consumers in the city can exchange their ACs for Voltas' 5-star rated inverter split AC (1 ton, 1.5 ton and 2 ton). The scheme is open for residential segments of consumers, wherein one AC can be purchased under this scheme, and for the commercial segment, the customer can buy two ACs.
Besides providing an attractive price on select models, the scheme would also help consumers save on their electricity bills annually, depending upon the use. The scheme is open till 31st December, 2019 and is available on first-come first-serve basis.
Speaking on the occasion, Mr. Pradeep Bakshi, Managing Director & CEO, Voltas Limited said, "We are delighted to partner with Tata Power and provide consumers in Mumbai with 5 Star Inverter ACs that offers more savings in terms of cost and energy. As a Tata Group Company and a Market Leader in AC industry, Voltas has always been at the forefront of technological innovation and strives continuously to provide aesthetically and technologically superior, green and environment friendly energy efficient products."
Mr. Praveer Sinha, CEO & MD, Tata Power, added: "Tata Power has always been a votary of advocating energy conservation and sustainability, a feature which Voltas' 5 Star Inverter ACs offer. They are also environment friendly. We are glad to collaborate with them and look forward to offer our consumers with an efficient product that ensures substantial savings on their monthly bill and leaves a minimum carbon footprint without compromising on their comfort."
This exclusive partnership has been targeted at households as the domestic sector accounts for almost 20% of energy consumption in Mumbai and AC power consumption is a key component of the same. It is estimated that 5-star rated ACs can help reduce electricity consumption significantly. According to estimates, around 40% of Mumbai's power demand in summer is because of the cooling load involving air conditioners, coolers and fans.
Shares of VOLTAS LTD. was last trading in BSE at Rs.639 as compared to the previous close of Rs. 629.55. The total number of shares traded during the day was 83708 in over 1469 trades.
The stock hit an intraday high of Rs. 642.8 and intraday low of 626.55. The net turnover during the day was Rs. 53372622.
Shares of TATA POWER CO.LTD. was last trading in BSE at Rs.60.3 as compared to the previous close of Rs. 58. The total number of shares traded during the day was 1093879 in over 2321 trades.
The stock hit an intraday high of Rs. 61.7 and intraday low of 57.85. The net turnover during the day was Rs. 64422283.