CapVent buys Indian water purifier company
Capvent has bought a 51% stake in Morf India, a Chennai based water purification company with operations throughout South India. Financial details of the transaction were not disclosed.
Morf manufactures water purification and treatment units, waste water treatment equipment, water pumps and pressure boosting systems. It plans to launch a series of water heaters and air purification products.
M.V. Praveen, managing director of Morf India, said the investment is important to execute Morf's growth strategies. "Given the rapidly growing size of our industry, it's time for us to reinvent ourselves and scale up faster," he said.
The company is headquartered in Chennai, with branches in Bangalore and Hyderabad. It plans to expand into other parts of the country and last year entered into a partnership with US-based Electrolux to produce the Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka.
According to KPMG, water demand from Indian industry is likely to double in the next decade, while domestic and irrigation demand will increase by 40% and 14%, respectively.
Last year, South Asian private equity firm Mandala Capital entered into a joint venture with Australia's Water Resources Group that will target the desalination opportunities in India, Pakistan, Sri Lanka and Bangladesh.
Waterlife India, a community water solutions supplier, has also received funding from Aavishkaar Venture Management and Matrix Partners India. In 2011, Matrix also backed Chetas Control Systems, which provides turnkey water metering solutions to municipal water boards.
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