In the realm of India’s water infrastructure, Prince Pipes & Fittings Ltd. stands as a beacon of innovation and adaptability under the visionary leadership of Mr. Parag Chheda, the Joint Managing Director. Recognized as one of Entrepreneur One Magazine’s “Super 30 Visionary Leaders to Watch in 2024,” Mr. Chheda shares insights into Prince Pipes’ vision, strategies, and groundbreaking initiatives poised to shape the industry’s landscape.
Q. What is your Vision for the future of Prince Pipes?
At Prince Pipes, our growth is steered by a vision to make impactful transformations to India’s water infrastructure based on innovation and adaptability.
Our consistent introduction of cutting-edge technologies and methodologies keeps us at the forefront of the industry, empowering us to deliver world-class products and solutions that elevate India’s water management and infrastructure to global standards.
Our Core Mission: Building a Future-Fit Business
Our core mission is to build a future-ready business, strategically establishing a robust presence across the entire product value chain, with a particular emphasis on enhancing India’s water infrastructure.
Our Approach: Comprehensive Product Portfolio
We are developing an extensive and diverse product portfolio that caters to various applications, leveraging our position as one of the largest manufacturers and integrated piping solutions providers in India.
With one of the industry’s most extensive portfolios, featuring over 7,200 SKUs, we go beyond production and manufacturing to drive innovation through technology and prioritize sustainability.
Aligned with India’s Priorities:
Our efforts are aligned with India’s national priorities, including promoting energy efficiency, fortifying water infrastructure, boosting agricultural productivity, prioritizing public health and well-being, and minimizing the use of natural resources—all while fostering sustainability.
In summary, our vision not only encompasses business growth but also positively contributes to addressing India’s core needs.
Q. What are the key opportunities and challenges facing the pipes and fittings industry in the current economic climate?
The Indian plastic pipe market is poised for a bright future, with strong prospects across various sectors including potable water supply, wastewater supply, electrical and telecommunication cable protection, agriculture, chemicals, and oil and gas. Projections indicate a robust growth rate of 10.3% CAGR until 2027, with the market expected to reach a substantial value of $10.9 billion.
The government has already set the ball rolling through various schemes which has given a strong thrust of opportunities to the pipes and fittings industry. Several industries are witnessing transformation, where Prince Pipes can bring its expertise, know-how, innovation, and wide product range.
Despite the favourable outlook, challenges persist. Supply chain disruptions, driven by raw material shortages and logistical complexities arising from global conflicts, remain a significant obstacle. Moreover, adapting to changing market demands and managing fluctuating input costs continue to pose ongoing challenges for industry players like Prince Pipes.
Q. How is Prince Pipes positioned to capitalize on the growing demand for innovative and sustainable products?
At Prince Pipes, our unwavering commitment to innovation and R&D defines our identity as creators of exceptional products. For more than four decades, our vision has revolved around revolutionizing India’s water infrastructure.
We remain agile, adapting to evolving needs and trends, and consistently introducing new products that adhere to international standards and technology, while also being recyclable and manufactured sustainably.
Delving into some of our unique offerings:
Prince Onefit: Engineered with Corzan CPVC Technology, this product stands as an exemplar for industrial use.
Delivering high-quality, corrosion-resistant solutions, it ensures operational continuity with minimal downtime.
Modern Plumbing Vertical:
- Skolan Safe: Crafted with the latest noise reduction technology, it sets a new benchmark in premium drainage systems.
- Suitable for diverse applications, from luxurious residences to expansive commercial spaces, hospitals, and educational institutions.
- HT Safe: Another breakthrough product, offering a low-noise drainage solution using advanced polypropylene technology.
- Versatile and functional across various settings.
- Hauraton: Leveraging cutting-edge German technology, it signifies a milestone in efficient drainage systems.
Venturing into Bathware:
In 2023, we introduced a distinctive collection of faucets and sanitaryware, opening new avenues for advancements.
This segment has been progressing well, with rapid expansion of our presence across North and West India.
Q. What strategies or approaches has Prince Pipes employed to attain growth in such a competitive market?
Our focus remains on strengthening our business fundamentals, offering innovative piping solutions that continue transforming India’s water infrastructure, and translating our vision and ideas into unstoppable growth.
Over the past four decades, Prince Pipes has emerged as a leader in the Indian pipes and fittings industry, driving innovations in plumbing, irrigation, storage, and sewerage systems. Now, our journey has expanded to a much grander scale. Our growth strategy and business model leverage Prince Pipes’ inherent strengths, propelling us toward becoming a stronger, greater, and more resilient enterprise that will stand the test of time. This unwavering focus has not only bestowed upon us financial and competitive value, but also underscores our commitment to ESG (Environmental, Social, and Governance) principles and sustainability.
Q. Could you share the company’s approach to R&D and how it influences the development of new products or improvements to existing solutions?
Our institutional and industry knowledge, experience, and expertise form the bedrock of our intellectual capital. This drives us to create value for our customers, understand the desired applications in the industry, and leverage our learnings to pioneer industry-first products.
As mentioned earlier, our long-term vision revolves around transforming India’s water infrastructure. We proactively embrace technological advancements and foster discussions to ignite innovation toward this goal.
In addition to actively introducing world-class technologies and facilitating global collaborations in the Indian market, we also take pride in holding the design registrations for the following:
Single Piece Nahani Trap: A single-piece UPVC injection-moulded trap that effectively prevents the ingress of pests, small insects, and foul gases through water inlets into homes.
DWC Coupler: A technology ensuring durable, leakproof pipe joints, guaranteeing long-lasting performance.
Injection-Moulded Vent Cowl: Designed to deter pests and small insects from entering ventilation systems.
Q. What are the key aspects of the company’s growth strategy?
Our journey continues with increased momentum, underpinned by several strategic approaches aimed at sustaining growth and enhancing stakeholder value.
Focusing on Organic Brand Pull for Growth: We’ve revamped our marketing strategy to centre around stretching category norms, fostering strong demand, and emphasizing the values of Trust, Quality, and Innovation inherent in Prince products.
Investing in Future Capacities and Manufacturing Excellence: Our commitment to being future-ready involves not only expanding our manufacturing capabilities but also ensuring excellence across our seven state-of-the-art plants. Additionally, we’re in the process of establishing a new greenfield plant in Bihar to bolster our presence in East India.
Cultivating a Strong and Expanding Network of Pan-India Channel Partners: Our ecosystem of over 1500 channel associates plays a crucial role in our business delivery, fostering innovation and driving sustainable growth in our products and services.
Building on Strong Business Fundamentals: Our financial resilience, quality management practices, and high-demand products and services have enabled us to cultivate a loyal customer base, further bolstering our foundational strength.
Driving ESG Progress with Purpose: Through our Integrated Management System, we’re committed to continually reducing losses, both internal rejection and energy-related, by allocating necessary resources to achieve our targets. We’re also committed to utilizing energy-efficient products and equipment to minimize our environmental footprint.
At its core, our overarching goal remains the consistent, competitive, profitable, and responsible delivery of growth.
Q. The introduction of Prince Bathware marked a diversification into faucets and sanitaryware. How has the company positioned this new product line?
In June 2023, Prince Pipes unveiled Prince Bathware, a sophisticated collection of faucets and sanitaryware designed to reflect modern bathware trends.
This comprehensive range includes world-class faucets named Aurum, Titanio, Platina, Tiara, and Marquise, each meticulously developed through extensive industry research. Complementing these are Argento, Meta, Kristal, and Palladium, completing the Prince Bathware line.
Positioned as ‘Elegant-Indulgent-Stylish,’ this top-of-the-line range aims to transform the bath space, which has evolved significantly in terms of sensibility and style. The roll-out has already begun, garnering positive responses and feedback from dealers and consumers alike.
With encouraging performance, we are expanding our distributor network in the North and West regions, with plans to introduce Prince Bathware in the Eastern region later this year. The introduction of the bathware segment marks our presence in the ‘front-of-the-wall’ category, aligning with our strategy to offer comprehensive bathroom solutions. Leveraging the brand equity of Prince Pipes, we are poised to serve the real estate market, leveraging our already robust presence in the industry.
In a recent development, Prince Pipes has signed an Asset Purchase Agreement (APA) with Klaus Waren Fixtures Pvt Ltd., for the acquisition and assignment of identified assets. The first phase constitutes the acquisition of the iconic Aquel brand along with the acquisition of molds and dies, on an immediate basis. The second phase will be in relation to the acquisition of the assets comprising of land parcels, buildings, machinery and manufacturing equipment, office furniture, and fixtures situated at Klaus Waren’s plant in Bhuj, Gujarat. The transaction shall be consummated subject to the receipt of regulatory approvals.
The transaction is a strong strategic and financial fit that will bring significant synergies and market opportunities across our segments. It is set to catapult the performance of the Bathware segment giving us direct access to an iconic brand along with state-of-the-art facility and creating a larger distribution channel in major markets across India. In the high-growth Indian Bathware market, Aquel provides us with a strong platform that is highly complementary to Prince’s growth plans.
