PE fund Capvent buys 51% stake in Morf India

Morf says it will use the money for its pan-India expansion plans and to develop products
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First Published: Tue, Jun 04 2013. 05 11 PM IST
Photo: Mint
Photo: Mint
Chennai: Switzerland-based private equity fund Capvent AG bought a 51% stake in Morf India Ltd, a Chennai-based water treatment and sewage company, for an undisclosed sum.
Morf said it will use the money for its pan-India expansion plans and to develop products.
“Today we are at an inflection point and therefore this investment, at this juncture, is very important to execute our growth strategies,” M.V. Praveen, managing director, Morf India, said in a statement on Tuesday. “Given the rapidly growing size of our industry, it’s time for us to reinvent ourselves and scale up faster.”
Last year, Morf entered into a brand licensing agreement with US-based Electrolux Home Products Inc. to manufacture and market its Kelvinator range of home water purifiers and air purifiers in India and Sri Lanka.
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First Published: Tue, Jun 04 2013. 05 11 PM IST
More Topics: Capvent | Morf India | private equity |
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