New Delhi, Sept. 16; In a strategic move to strengthen its water and waste-water management business in India and neighbouring countries, the Toshiba Corporation has announced acquisition of a majority stake in UEM India Private Limited (UEM), an international water services company.
Toshiba acquired an additional 54 percent stake to become the majority owner with 80 percent shareholding in UEM and IVFA.
Krishan Kshetry, one of the founding members of UEM, invested in waste water management business as the minority shareholder.
The current management team at UEM would continue to run the operations of the company.
“Water treatment is a strategic growth area for Toshiba and UEM is a highly respected player in the water treatment business with vast experience in delivering complex, turnkey projects around the world,” said Hirofumi Yoshino, Vice President, Water and Environmental Systems Division, Toshiba Corporation.
“After Toshiba acquired 26 percent strategic stake in March 2014, UEM won some additional orders by synergies with Toshiba for water and waste water treatment plants from Japanese companies in India and other clients abroad. With this recent enhanced relationship, we will bring in our expertise and global access to enable UEM to become one of the leaders in global water treatment industry,” added Yoshino.
Vishal Nevatia, Managing Partner, IVFA, said the company has a good working relationship with Toshiba on overseeing the business over the last one year.
“And, we believe that Toshiba is a great partner, who can take UEM to the next level of becoming a global leader in water treatment,” he added.
Toshiba has been Japan’s leading manufacturer of electrical system for water supply and sewerage facilities for over 40 years. The company has also expanded its business in overseas markets, including China and Indonesia. Toshiba recognizes India as a promising country for developing water-related business in the future.
UEM Group, an international multi-disciplinary environmental services company, specializes in providing turnkey services in water and waste water collection, treatment and disposal facilities.
UEM Group, founded by an experienced Krishan Kshetry, provides complete, single-source services from engineering and design to construction and installation of water, waste-water and domestic waste treatment facilities.
Headquartered in Noida, India UEM has executed projects in over 30 countries across India, South East Asia, North America, Central America and Africa.
In July 2010, IVFA acquired a majority stake in the company, followed by a 26 percent strategic stake by Toshiba in March 2014. Since then, IVF, Toshiba and the Founders have been jointly overseeing the business.
ANI