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Voltas Ltd. forayed into the medical refrigeration segment after signing a technology license agreement with Denmark's Vestfrost Solutions.

Under the agreement, the Tata Group enterprise will develop, manufacture, sell and service medical refrigeration and vaccine storage equipment including Ice-lined Refrigerators, Vaccine Freezers and Ultra low temperature Freezers in India.

Denmark-based Vestfrost Solutions, a global developer and manufacturer of innovative and efficient refrigerators and freezers in the Bio Medical and Cold Chain industry will be providing the technology and know-how for making the products at Voltas’ facilities in India.

Vestfrost Solutions will bring its R&D and manufacturing prowess, in addition to a wide product range and global sourcing capabilities to this deal.

The partnership will leverage the brand presence as well as the sales & distribution network of Voltas.

Shares of Voltas ended 0.7 percent lower at Rs 823. The stock is down 34 percent year-to-date.