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Warburg Pincus acquires majority stake in Watertec India

Mathew Job, former the CEO of Crompton Greaves Consumer Electricals, will be joining the company as the Executive Chairman.

June 27, 2023 / 15:22 IST
Mathew Job, former the CEO of Crompton Greaves Consumer Electricals, will be joining the company as the Executive Chairman. (Image: Linkedin/Mathew Job)

Warburg Pincus, a global private equity firm, has recently acquired a majority stake in Watertec India Private Limited, the leading manufacturer of bathroom fittings and accessories in India.

As part of this development, Mathew Job, the former CEO of Crompton Greaves Consumer Electricals, will join the company as the Executive Chairman, leveraging his extensive experience in scaling distribution-led consumer businesses over a span of 30 years.

Ramesh Baliga, the Executive Director and CEO of Watertec India expressed his views on the investment, stating that it will strengthen their position as the market leader in polymer-bath fittings.

The infusion of capital will also enable them to enhance their brand equity, expand their product portfolio, and extend their geographic reach to untapped regions, thereby improving their ability to serve customers and channel partners.

Currently, Watertec India generates 70% of its sales from bath fittings and accessories, with the remaining 30% contributed by the pipes and fittings section and sanitaryware.

In a separate development on June 16, Warburg Pincus had divested a 6.2% stake in Kalyan Jewellers, as reported exclusively by Moneycontrol.

Moneycontrol News
first published: Jun 27, 2023 03:22 pm

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