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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