Swiss PE fund Capvent AG picks up 51% stake in Morf India
New Delhi: Switzerland-based PE fund Capvent AG has picked up 51 percent stake in MORF India, a Chennai- based water engineering company for an undisclosed amount.
MORF would use the capital infused to take its operations to national level by 2013 and the major spending would be on brand campaigns and new product development.
"This capital will be channelised into developing new and innovative products, brand campaigns and also in the national expansion plans by this year end," a company statement said.
Talking about the investment, M V Praveen, Managing Director, MORF India, said: "Today we are at an inflection point and therefore this investment, at this juncture, is very important to execute our growth strategies.
"Given the rapidly growing size of our industry, it is time for us to reinvent ourselves and scale up faster. Indian water purifier market really permits companies with the right products and strategies to travel at a much faster pace," he added.
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.
The first RO water purifier model Kelvinator Ayoni has already been launched in Tamil Nadu, Karnataka and Andhra Pradesh.