 The Watch Division of erstwhile Hyderabad Allwyn Limited was formed into a new company as Allwyn Watches Limited and the Auto and Bus Body division was formed into a new company called Allwyn Auto Ltd. Consequent to the scheme of Amalgamation as approved by the BIFR, M/s.Hyderabad Allwyn Limited ceased to be in existence.The refrigerators division which was privatised in 1994 and handed over to Voltas continued with the Allwyn range of models.In 2002, Voltas themselves sold their refrigerator division to the Sweden based Electrolux, which phased out the Allwyn models.