New joint venture with Indian super-brand
We are pleased to announce that Waterlogic has signed a joint venture agreement with Eureka Forbes Ltd (“Eureka Forbes”), a leading player in the consumer durables industry, Asia’s largest direct selling organisation and the market leader in residential water purification systems.
A new company has been created with equal shareholdings between Waterlogic and Aquamall Water Solutions Ltd (the wholly-owned manufacturing division subsidiary of Eureka Forbes) called Aquaignis Private Ltd (“Aquaignis” or the “Joint Venture”).
The Joint Venture will manufacture and market water purification products specifically suited to both Indian residential consumers and business customers. The products will be sold in India through Eureka Forbes’ extensive sales network, which includes the largest and most highly developed direct sales network for water dispensing systems in Asia, as well as market-leading retail and commercial channels. Additionally, products will be manufactured for export sales by both Waterlogic globally and by Eureka Forbes in selected territories outside of India.
All relevant products will carry the Firewall™ branding, to denote the use of Waterlogic’s ultra-violet (“UV”) purification technology.
Aquaignis will begin manufacturing products incorporating Waterlogic’s filtration and purification technologies, at a new manufacturing facility in Dehradun, in the northern state of Uttarakhand, India, which is due to open in H2 2013. Prior to the manufacturing facility gearing up for full production, Eureka Forbes will sell selected Waterlogic products manufactured and imported from the Company’s main production centre in Qingdao, China.
Jeremy Ben-David, Waterlogic, Group CEO, commented:
“We are excited to be working with an Indian super-brand like Eureka Forbes, an organisation that is already well respected for bringing cutting edge innovation to the market. Waterlogic’s Firewall™ UV technology is one of the most effective water purification technologies for POU water dispenser applications currently on the market and the technology is certified by the Water Quality Association as being able to guarantee pure and safe water meeting U.S. EPA standards 100% of the time. We are certain that it will be a valuable addition to Eureka Forbes’ offering in multiple markets. We look forward to reporting on further progress in due course.”