India, Aug. 15 -- IPO-bound consumer appliances startup Atomberg has joined hands with Tata-owned Voltas to manufacture compressors for room air conditioners (ACs) in India.

In a statement, Voltas said that it has signed a binding term sheet with Atomberg's B2B subsidiary, Atomberg Innovation Private Limited (AIPL), to form a joint venture (JV) to develop, manufacture and supply room AC compressors and other allied parts.

"The proposed joint venture is intended to undertake the development, manufacturing, and supply of air conditioner compressors, with a strong emphasis on high energy efficiency, operational reliability, cost competitiveness, and progressive localisation," said Voltas in a statement.

The partnership will look to levera...