Annual Report 2022



Deepak Mehrotra, Divisional CEO Asia, describes how customers in India are responding to our strategy

Growth with Purpose is such a powerful strategy to take us forward. Our customers are super excited to work alongside a company so committed to sustainability and innovation.”

Divisional CEO Asia

Our operations in India continue to expand and diversify rapidly despite facing more challenging market conditions in 2022.

After a strong start to the year, our performance in the region was impacted by declining and volatile resin prices, affecting margins, and deteriorating demand. In addition, poor weather affected the peak agriculture season.  

India – top line growth continues



Current EBITDA


Ashirvad, our Indian local brand, has grown swiftly since it came fully into the Aliaxis family in 2018. Starting as a column pipes company, it has become a multi-faceted business addressing all four of our main markets, construction, industry, infrastructure, and agriculture. We now stand among the leaders in the dynamic Indian market. 

Our teams have become adept at developing new solutions for customers and getting them to market at high speed, backed by our strong research hub in Bengaluru. In 2022, 20% of our revenues in the region came from new products and solutions – a superb performance. 

Our scientists were instrumental in developing and launching the new anti-microbial water tank in under a year and have been doing great work on developing light-weight valves that are less carbon intensive to produce. They were also behind the launch of the Artistry front of wall range of bathroom and kitchen fittings and fixtures, a first for Aliaxis. 

We were delighted to confirm a €48 million investment in a state-of-the-art plant in the central, south-eastern Telangana region, during the year. This follows the construction and extension of the Bhiwadi plant serving the north of the country. Three more greenfield plants are to come, as we expand our capacity towards the East and the North. We are successfully building a national footprint with the ability to reach customers right across India.  

How we deliver

Discover how we are accelerating the pace of change

Action! with Sujitha Regupathi

Discover how Sujitha Regupathi, Graduate Agriculture Trainee – India, puts our behaviours into Action!

Watch video

For the second year running, Aliaxis in India has won the Golden Peacock Award for HR Excellence, India’s most prestigious HR accolade. Members of the HR team received the award at a sparkling ceremony in Mumbai in January 2023.

Power from the sun

An off-site captive solar park at Bikaner, Rajasthan, was completed in December 2022 and began producing power for us in January 2023. The site will produce 7.5M KWhs of electricity a year, helping us meet our 2025 target to transition fully to renewable electricity.

Training the plumbers of the future

We’ve set up two schools to train young people with the plumbing skills needed to tackle India’s water challenges.

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India’s inspiring water ambitions

I was very pleased to meet the Honourable Shri Gajendra Singh Shekhawat, India’s Minister of State for Agriculture and Farmer Welfare last year. We discussed India’s inspiring goal to bring drinking water to 200 million more people in rural areas and our expansion plans to help meet this ambitious target.”

Eric Olsen

Chief Executive Officer

Empowering India’s brightest water innovators

Working with The/Nudge Institute we’ve launched the Ashirvad Water Challenge to empower India’s promising water innovators.

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Sales of Artistry front-of-wall range boom

Sales of our Artistry front-of-wall range of kitchen and bathroom accessories doubled in 2022. The range is just one of the innovative products to come out of our Bengaluru research centre that have seen our Indian business derive 20% of its turnover from new-to-market solutions.

Bringing customers the benefits of mixed reality

Ashirvad is using a new mixed reality solution to demonstrate Sewage Treatment Plant technologies to customers. The system, which uses Microsoft Hololens headsets, allows users to access 3D models of their project and get online help from our teams, while still being hands-free to operate systems.

Demand for our anti-microbial tank soars

Sales of our three-layer anti-microbial water tank grew by 49% in 2022 with its promise of a safer way to store and keep water at the right temperature, even on the hottest days, helping us to quickly cut through in a crowded market.

Bengaluru- accelerating innovation

Our research hub in Bengaluru is getting great new ideas to market at much faster pace, with a wide range of innovations.

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Telangana – a €48 million investment

We’re investing in a new state-of-the-art factory in the Telangana region, set to go into production in early 2024.

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I’m Deepak Mehrotra and I am the head for the India division.

The year 2022 was special. Coming out of COVID, we got together in Montréal: 200 plus senior managers of the company excited with this great idea of Growth with Purpose as a common strategy to take us forward. Very, very powerful. So it’s not just the senior managers. It’s such a powerful idea, it gets us a chance to align all our employees across the company. And not just that. All our stakeholders in the value chain, our customers are super excited to work with a company which is working on such a powerful theme. Sustainability allows us to connect better with our customers and create a better future together. We are so excited by this idea of sustainability at the core of our being that when we are doing the refresh of the Ashirvad logo, we have embedded it right there and when you see it, you can’t miss it.