June 2013
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Swiss PE Fund Acquires 51% Stake In Chennai’s Water Engineering Firm

Switzerland-based PE fund Capvent AG has acquired 51 percent stake in Chennai-based water engineering firm MORF India Ltd. for undisclosed sum, reports said.
The company said the funds would be utilized for developing new products, brand campaigns and also in the national expansion plans by this year end.
MORF India Managing Director M.V. Praveen said the company would utilize the money to take the Kelvinator range of home water purifiers and air purifiers across the country.
It may be noted Kelvinator brand licensing agreement for refrigerators, washing machine and air conditioner are with Videocon, while for home water purifiers and air purifiers brand licensing agreement is with MORF India for both India and Sri Lankan markets.
He said, “In the next one year we will become a pan-India from a South India focused company”.
The company also set a target to grow its consumer business to Rs.120 crore from the current six crore in the next three years and plans to invest around Rs.20 crore in the next two years on team, product development and on advertisements, he said.
MORF India is one of the leading company in the water and sewage treatment industry for a decade now and has executed several large treatment projects across South India. Last year, MORF entered in to a brand licensing agreement with Electrolux Home Products Inc. to manufacture and market their Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka.
Their first RO water purifier model Kelvinator Ayoni has already been launched in Tamil Nadu, Karnataka and Andhra Pradesh.
He noted, the industry which the company operates is estimated to be around Rs.1500-1800 crore at present and expected to touch around Rs.6,500 crore in the next 3-4 years.
While the company’s promoters will continue to run the company, the majority stake will be held by the PE fund.
Source: RTT News

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