Munters to acquire ZECO; strengthens market position in India

05 Sep 2023 CW Team

Munters Group (MTRS), a global leader in energy-efficient air treatment and climate control solutions, has signed an agreement to acquire ZECO, an Indian manufacturer of air treatment solutions.

The Indian market for dehumidification solutions is characterised by attractive market fundamentals with solid growth in Munters prioritised industrial segments of Battery, Food processing and Pharma. The combined offering of Munters and Zeco positions Munters to grow with market-leading products and complete solution sales.

“ZECO is an excellent addition to Munters and constitutes an important step in developing our dehumidification business in India. I am very pleased to announce this acquisition which supports Munters growth journey,” says Klas Forsström, President and CEO of Munters.

The company has three manufacturing facilities across north, west, and southern regions of India and a widespread network of sales offices across key regions in India, providing Munters with a strong platform for growth.

“The acquisition adds complementary products to our core offer. With our combined product offering and extensive sales network, we will strengthen our position in several customer segments with strong growth in the Indian dehumidification market,” says Henrik Teiwik, President of AirTech and Group Vice President, Munters Group.

“Zeco is the largest AHU manufacturer in India and aspires to expand its offerings in the air treatment solution category through this strategic collaboration with the Munters Group. Indian infrastructure space is poised for growth and with this acquisition, Munters will get a platform to capitalise the opportunity. We are confident that Zeco will witness greater heights under the new leadership, and I wish them success”, says Ravi Singhal, Chairman of Zeco Aircon Limited.

ZECO reported net sales of MSEK ~3900 MINR for FY 2022/2023, ending on March 31, 2023. The privately owned company ZECO Aircon, established in 1989 and headquartered in Gurgaon, provides air treatment solutions to a customer base in India across various industries.

Closing of the acquisition is subject to customary closing conditions applicable in India. The deal is expected to be completed before year-end closing. KPMG India acted as the exclusive transaction advisor to Zeco Aircon in the proposed acquisition.

Munters Group (MTRS), a global leader in energy-efficient air treatment and climate control solutions, has signed an agreement to acquire ZECO, an Indian manufacturer of air treatment solutions.The Indian market for dehumidification solutions is characterised by attractive market fundamentals with solid growth in Munters prioritised industrial segments of Battery, Food processing and Pharma. The combined offering of Munters and Zeco positions Munters to grow with market-leading products and complete solution sales.“ZECO is an excellent addition to Munters and constitutes an important step in developing our dehumidification business in India. I am very pleased to announce this acquisition which supports Munters growth journey,” says Klas Forsström, President and CEO of Munters.The company has three manufacturing facilities across north, west, and southern regions of India and a widespread network of sales offices across key regions in India, providing Munters with a strong platform for growth.“The acquisition adds complementary products to our core offer. With our combined product offering and extensive sales network, we will strengthen our position in several customer segments with strong growth in the Indian dehumidification market,” says Henrik Teiwik, President of AirTech and Group Vice President, Munters Group.“Zeco is the largest AHU manufacturer in India and aspires to expand its offerings in the air treatment solution category through this strategic collaboration with the Munters Group. Indian infrastructure space is poised for growth and with this acquisition, Munters will get a platform to capitalise the opportunity. We are confident that Zeco will witness greater heights under the new leadership, and I wish them success”, says Ravi Singhal, Chairman of Zeco Aircon Limited.ZECO reported net sales of MSEK ~3900 MINR for FY 2022/2023, ending on March 31, 2023. The privately owned company ZECO Aircon, established in 1989 and headquartered in Gurgaon, provides air treatment solutions to a customer base in India across various industries.Closing of the acquisition is subject to customary closing conditions applicable in India. The deal is expected to be completed before year-end closing. KPMG India acted as the exclusive transaction advisor to Zeco Aircon in the proposed acquisition.

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..