Japan's Toshiba to snag 26pct stake in waste water management business in India
Toshiba Corp has entered an agreement to pick up a 26% interest in water and wastewater management company UEM India Private Ltd, according to Bloomberg.
Under the terms of the acquisition deal, India Value Fund Advisors (IVFA) will continue to hold a majority stake in the venture. This was based on the joint statement released today by Toshiba, UEM Group, and IVFA. The financial terms of the said transaction were not disclosed, the report explained.
According to the said statement, Toshiba has been the top manufacturer of electrical systems for sewer and water supply facilities in Japan. The statement also said the tech giant has maintained this rank for over 40 years already, Bloomberg reported.
UEM is an international environmental services company that specializes in the collection, treatment, and disposal of water and wastewater. The firm provides complete and single source services that include engineering, design, and construction and installation of water and waste water treatment facilities. Started in 1973, the company has provided services for more than 350 projects across 30 countries, according to UEM's company website.