Germany’s Homa Signs Final JV Deal with India´s Ekki Pumps
World Leading Wastewater Pump maker Homa said on Friday it had signed definitive agreements to set up a joint venture with Ekki Pumps of India to boost its position in the fast-growing Indian market.
Homa will own 50% of the JV. With the signing of definitive agreements, Homa Pumpenfabrik Gmbh and Ekki Pumps have formalized their joint venture partnership. It is proposed to be named ‘Ekki Homa Pvt Ltd’.
“Modernisation in Indian Wastewater Pumping Technologies will happen and we will lead that along with Ekki. Major investments in Buildings, infrastructure and stricter rules on water pollution will strongly drive demand for wastewater pumps, which makes this part of the world particularly attractive for the Homa Group.” says Mr.V.Petridis member of the Homa Group Executive Management and responsible for the JV operations.
Sharing Petridis conviction, Kanishka Arumugam, Managing Director and CEO, Ekki Pumps, affirms, “This joint venture draws on Homa’s global strength in technology and knowhow and on Ekki’s success in India and its innovative low-cost platform. The main purpose of the JV is to become an industry leader driving modernisation in wastewater transportation in India and in the developing world.”
All future Homa Group projects in India will be routed through the JVC . At this point there is no Cross Holdings between the two Groups. The JVC will operate independently within the EKKI Group and the management control will be with Ekki. The new plant will come up in the city of Coimbatore, Tamilnadu India . When fully operational it will employee more than 200 People. Homa will invest 150 Crore in its global expansion a significant portion of this will go to the JV along with Ekki.
Source: EKKI Group Companies