USD 50 million joint venture with German involvement
Pooja Heatex, based in Surat, India, has entered an agreement with the German company FUNKE Wärmeaustauscher Apparatebau GmbH to collaborate on a wide range of both plate and shell-and-tube heat exchangers to cater to a broad spectrum of possible applications in diverse sectors of industry.
The first stage will see Funke manufacturing heat exchangers for process applications at Pooja Heatex’s facility in Surat. These will be supplied to customers in India, South and West Asia, Africa, and the Americas. Some employees of the joint venture company will undergo special training at the Funke headquarters in Gronau, Germany.
This new joint venture is aiming to achieve a sales revenue of over USD 75 million in India and USD 150 million from exports over the next five years.
At the press conference in Mumbai, Arpan Patel (Managing Director of Pooja Heatex Engineering) said the joint venture will bring in a wide range of international customers to the company and give it a competitive edge.
Bernd Timmermann, Managing Director of FUNKE Wärmeaustauscher Apparatebau GmbH, expects that the joint venture company will be able to meet the requirements of South Asian customers and comply with the equally high quality requirements of European customers.
This collaboration was initiated by Alcor Mergers and Acquisitions, a portfolio company of the Alcor Fund Group. It shows how international business transactions have increased as a consequence of Prime Minister Narendra Modi’s ‘Make in India’ campaign.