Voltas Limited and Tata Enterprise has signed definitive agreement to acquire majority stake in Rohini Industrial Electricals.

Under the deal, Voltas will pay consideration of around of Rs 62 crore for 51% stake in RIE. Both the parties have agreed that Voltas may increase its equity stake in RIE up to 100% in future.

Mumbai based Rohini is engaged in undertaking large turnkey Electricals and Instrumentation projects for Industrial and Commercial sectors.

Kotak PCR has maintained buy rating on Voltas with target price of Rs 177 in its July 08, 2008 report. The company has formulated plan to reach turnover of Rs 100 billion by 2011.

The share of Voltas has lost ground in recent months. So taking into account, company's gigantic plans, the stock is attractively priced for investors having long term view. The stock is presently trading at Rs 137.