India,Japan : JAPANESE TOSHIBA CORP announced agreement with UEM INDIA to buy its 26% interest.
The value of the deal has been kept secret.
The Japanese firm will obtain the stake from UEM s existing investors, comprising India Value Fund Advisors (IVFA).
The private equity investor - IVFA had bought a major stake of UEM India in July 2010. After the completion of the deal, IVFA will maintain its majority stakeholder status in UEM.
In a statement, the company has revealed that the total proceeds will be pumped into the business to steer its future growth.
The financial terms of the newly signed deal have not been disclosed.
UEM Group, which is Headquartered in Noida, was set up by Krishan Kshetry. The Group is a leading provider of turnkey services concerning water and wastewater collection, treatment and disposal facilities.
So far UEM has accomplished projects in more than 30 nations throughout India, South East Asia, North America, Central America and Africa. The company s yearly revenue stands at around $70 million.
Toshiba, which is Headquartered in Tokyo, has been the top producer of electrical system for water supply and sewerage facilities for more than four decades. The Japanese company has also widened its business to include foreign markets, comprising China and Indonesia. It operates an R&D facility in Singapore as well.
The new partnership will facilitate UEM India to develop significantly through tapping openings in new territories and new business areas at the same time maintaining its cost benefit available in the country.
As part of the agreement, the UEM will see inclusion of an executive officer from Toshiba into its Board too.
The Vice President, Water & Environmental Systems Division at Toshiba Corporation - Naohiro Noro opined, This is a strategic growth area for Toshiba and we will bring our expertise and global access to the company, and also learn from UEM s vast experience in delivering complex, turn-key projects around the world.
2014 Al Bawaba (Albawaba.com) Provided by Syndigate.info , an Albawaba.com company
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|Date:||Jan 10, 2014|
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