POOJA HEATEX ENGINEERING INKS JV WITH GERMAN BASED FUNKE WÄRMEAUSTAUSCHER APPARATEBAU

TECHNOLOGY / INDUSTRY

by Shrutee K/INS

Mumbai : Surat based  Pooja Heatex  Ltd announced a Joint Venture with Germany based FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GmbH, to manufacture wide range of Plate and Shell / Tube type Heat Exchangers for various domains. The major focus of the Venture will be to develop and offer a broad portfolio of quality products to major South Asian and other European clients of Funke present in India. The collaboration will carry out its manufacturing activities from the existing plant of Pooja Heatex Engineering , located in Palsana- Surat, Gujrat.

The deal is structured by ALCOR Mergers and Acquisitions Pvt. Ltd., a portfolio company of ALCOR Fund, which has seen a huge flow of transactions after the Make in India campaign by PM Modi. The Venture is in tune with Heatex’s intent to focus on the customers of FUNKE in India and Asia to manufacture and supply various Heat Exchangers & Equipments. The Venture model is proposed to take shape in two phases 

Phase 1 – Collaboration will kick-start the venture by imparting the training to JVC staff, at FUNKE’s German facility. Phase 2 – In Phase 2, the Venture model will take off as a full-fledged joint venture (JV) offering its products to Indian and South Asian Customers. The JV is proposed to commence post registration, followed by appointing a dedicated sales team and through co-branding & advertising, for reaching out to these target markets.

The model thereby creates a platform to sell high end German Engineered products at Indian prices”. The new Joint Venture will be titled as ‘Funke Heatex India Pvt. Ltd and would serve the growing demand for Process equipment in India and globally.

The Venture is projected to touch sales revenue of more than US$ 75 million from India in next 5 years. The company will also manufacture in India and sell to countries in South Asia, Middle East, Africa and to both North and South America’s and globally target to achieve over 150Mn $sales over 5 years. In order to set up collaboration, FUNKE Germany will bring the required investment, which may be in the range of approximately US$ 40-50 mn over the next 5 years.

Speaking on the occasion, Thomas Mathew, Director - ALCOR Mergers and Acquisitions said “ALCOR has seen India as a great destination to invest and also to bring in a range of ‘cross border’ deals to address growth areas for Indian companies through technology, investments and new business. This Venture, besides bringing in foreign earnings for India, will generate revenues for the state and increase employment for the local population. We are seeing several North American and European Companies that are planning to come to India and PM Modi’s drive for Make in India is getting fantastic results. This is just one such example. We would have many more companies closing M&A transactions, with a lot of inward investments before March 31st 2016”.

Bernd Timmermann – President, FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GmbH while speaking to media at media conference in Mumbai said “I look forward to launching the Venture in India to address South Asian customers and also launch the Joint Venture with Pooja Heatex Engineering to address the high quality requirements of European companies.”

While addressing the media Arpan Patel - Managing Director, Pooja Heatex Engineering Pvt Ltd said “This Venture will bring in a range of International customers to Pooja Heatex Engineering which will support the entire Heatex group to emerge as a global leader. This Venture will give Funke Heatex India Pvt. Ltd an edge over its competitors, in this space.”

In brief about FUNKE WÄRMEAUSTAUSCHER APPARATEBAU GmbH - a company incorporated under the laws of Germany, having its registered office at Hildesheim, Zur Dessel 1, D-31028 Gronau (Leine), Germany. The company manufacturers and supplies different types of Heat Exchangers such as Shell and Tube Heat Exchangers, Gasketed Plate Heat Exchangers and Brazed Plate Heat Exchangers as well as other products such as Oil/Air Cooling Units and Electrical Oil Pre-heaters. FUNKE serves Plastic Processing Machinery, Compressor, Chemical, Refining, Pharmaceutical, Process Equipment, Water and Seawater, Shipbuilding and Food Processing industries.
http://www.funke.de/

About HEATEX INDUSTRIES LTD - a company incorporated in India and having its registered office at Block No-346, Opp. T.M. Patel Processors, Near Palsana Chowkdi, National Highway No – 8, Palsana, Surat – 395 007 Gujarat, India. Heatex is engaged in the business of inter alia of designing and manufacturing different types  of process equipments like Thermic Fluid Heater, IBR Boilers, Fabric Dyeing Machine, Pollution Control Equipments, Pressure vessels, Reactors, Chemical Plant Equipment, Heat exchanger, Industrial blowers & Chimney.

About ALCOR Fund: ALCOR Fund, a US based private equity fund, through its Indian arm, ALCOR Mergers and Acquisitions Pvt Ltd offers its fund management services with an investment range of US$10 million to US$500 million along with an array of investment banking services. ALCOR M&A extends its dynamic leadership to provide services to the emerging markets for M&A advisory, cross-border advisory, buy-side and sell-side advisory, JV advisory and execution, Joint Venture, management buyouts and Leveraged buyouts as well as Corporate Finance & Restructuring and Business Growth Consultancy. ALCOR Fund has several portfolio companies in emerging markets. www.alcorfund.com


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