AFS.L Share News (AFS)

(Sharecast News) - Amiad Water Systems has acquired 40% of the issued and outstanding share capital of its subsidiary in India, Amiad Filtration Systems India, from its local partner and now holds 100% of the shares of Amiad India, it announced on Tuesday.The AIM-traded firm said that as part of the agreement, the local partner had stepped down as CEO and director of Amiad India, and the company appointed a new general manager, Milind Kothari, who would bring "many years" of experience in management roles in the water industry in India.Its board said the investment reflected its confidence in the potential of the Indian market, and formed part of its long-term strategy to acquire 100% ownership of its subsidiaries, to have a local presence and to establish direct sales channels in competitive markets.In addition, as a result of the acquisition and management restructuring, Amiad India would be fully aligned with the objectives of the company, which could leverage its strengthened position in both the irrigation and industrial segments in the "key" territory, the board explained."This investment reflects our belief in the sustained and growing market opportunity for Amiad in India," said Amiad chief executive officer Dori Ivzori."Since establishing a presence in India in 2009, we have significantly expanded our business, including setting up production activity, and this acquisition is the natural next step to fully leverage what we have developed and to further consolidate our global position in the provision of water filtration and treatment solutions."