The Shapoorji Pallonji group is betting big on the water business. Eureka Forbes, a wholly owned subsidiary of Shapoorji Pallonji group, is understood to have tied up with US infrastructure major GE Water for the expansion of its water filter business.
Eureka Forbes is forming a joint venture with GE Water for advanced water solutions and wastewater management, sources close to the development said. According to estimates, the Rs 1,500 crore water purification industry is expected to register a growth rate of 20-25 per cent per annum due to decreasing availability of pure water. Only 1 per cent of the total population in the country use water purifiers.
GE Water & Process Technologies is part of one of the world's largest business conglomerate General Electric Co. GE Water is a leading global supplier of water treatment, wastewater treatment and process systems solutions. The joint venture was expected to be formalised in mid-April, sources said. When contacted, company CEO Suresh Goklaney declined to comment. General Electric did not respond to an e-mail questionnaire.
The water filter business is a major part of Eureka Forbes' revenue. The Aquaguard water filter, the flagship product of the company, has sold over 1.25 million units so far. The water purification and vacuum cleaner business of Eureka Forbes accounts for nearly 70 per cent of the group's turnover.
Eureka Forbes reported a turnover of Rs 740 crore and net profit of Rs 24.91 crore during the last financial year. The company has over 20 products and it operates in 100 cities with over 6,000 employees in the country.