Xeros expands in India

Xeros Technology Group plc, developer and provider of water saving technologies with multiple commercial applications, has signed an exclusive agreement to develop and license the Group’s domestic and commercial washing machine technologies to IFB Industries Limited. IFB is the leading domestic appliance and commercial laundry equipment supplier in South Asia and is listed on the National Stock Exchange of India.

The agreement has a 10 year duration and covers the incorporation and commercialisation of Xeros’ water saving XOrb™ and XDrum™ technologies into selected ranges of IFB’s domestic and commercial sized washing machines. Xeros will receive immediately a one-off exclusivity fee and during the development phase further payments when various milestones are reached. IFB will have access to Xeros’ technology and has been granted rights to the Indian market on an exclusive basis and for other South Asian territories on a non-exclusive basis.

Mark Nichols, Chief Executive of Xeros: “IFB’s capabilities and market reach make them a very strong commercialisation partner in a country where water demand is expected to increase by more than 60% over the next 30 years with some 80% of the current population already impacted by water scarcity.”