: City-based water technology major EKKI group has proposed to set up a manufacturing facility here through a joint venture with German pump company Homa group.

The companies announced the signing of memorandum of understanding in the presence of Tamil Nadu Chief Minister K Palaniswami during the second edition of the Global Investors Meet which began in Chennai Wednesday.

Under the pact which was inked in May last, Homa would have 50 per cent stake in the joint venture.

The German firm would be investing nearly Rs 150 crore as part of its expansion plans globally and a part of the amount would be invested in the unit, a press release said.

The new factory would create employment opportunities for nearly 100 people, the release said.

EKKI group is engaged in the manufacture of pump systems under the EKKI and DECCAN brands, which are sold in more than 20 countries.

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