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Switzerland-based private equity fund Capvent AG has picked up a 51 per cent stake in Morf India Ltd, a Chennai-based water engineering company for an undisclosed amount.
The proceeds would be utilised for developing latest products, brand campaigns besides securing greater footprint in the market.
M V Praveen, managing director, Morf India, said the deal would aid our efforts to take the Kelvinator range of home water purifiers and air purifiers across the country. “In the next one year, we plan to transform our operations from being a South India-focused firm to a pan-India company,” he said.
Accordingly, the company has set a target to grow its consumer business to Rs 120 crore from the existing Rs 6 crore in the next three years.
The company has lined up Rs 20 crore for the next two years to improve the bandwith of its operations with focus on product and team development.
The size of the industry is Rs 1,500-1,800 crore, and is expected to touch Rs 6,500 crore in the next four-year period, according to him.
