Groupe Atlantic to invest in Hintastica
Hintastica is setting up a manufacturing plant in Telangana and all its components will be made or sourced from within India
Hyderabad: Groupe Atlantic, a 2.2 billion Euro company with presence in manufacturing, developing and distributing heating products and hot water solutions, will invest Rs 68.3 crore for a 50 per cent stake in Hintastica Private Limited, the water heater business subsidiary of Somany Home Innovation Limited (SHIL).
Hintastica is setting up a manufacturing plant in Telangana and all its components will be made or sourced from within India. The plant will be built on 5.7 acre and will be completed by March 2022. Trial runs are expected to commence from May 2022. The plant will generate employment for over 500 people directly and indirectly in peak season. HPL will make products and accessories under the brand name ‘Hindware Atlantic’.
“Groupe Atlantic is known for its expertise in the heating solutions segment, and its investment in our company is a testament to the fact that we have created value in the water heaters segment in India,” said Sandip Somany, Chairman and Non-Executive Director of SHIL. The JV will strengthen its market position and also offer consumers innovative products, he said.
“We will together build a best-in-class facility in Telangana for manufacturing and marketing of water heaters to meet the future needs of India and SAARC region,” said Gilles Romagné, International Managing Director of Groupe Atlantic.
The water heater market in India is currently pegged at close to 36 lakhs units annually and SHIL has about 7.3% market share. The segment has been growing at an annual CAGR of 10%, according to a press release.
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