Specialty Chemicals company Chembond Chemicals has today informed the stock exchanges that it has formed a joint venture with a water treatment solutions company, H2O Innovation, based in Qubec City, Canada. The joint venture company will be called H2O Innovation India, and will focus on providing water treatment systems and maintenance services to industrial, commercial and residential markets.
The joint venture would design, manufacture, service and undertake operation and maintenance contracts for water and wastewater treatment equipment. "We would build on H2O Innovation's experience in designing and building sea water desalination, brackish water treatment and municipal water treatment plans and leverage that experience in India," said Nirmal Shah, MD of H2O Innovation India.
Chembond will own 51% shares in the joint venture and H2O Innovation will own 49%. "H2O Innovation India is our first operational base outside North America. Creating this joint venture is a complement to our growth strategy, aimed at increasing international sales and in particular, our level of industrial and commercial sales," said Frederic Dugree, CEO, H2O Innovation.
Chembond operates five manufacturing plans and five sales offices across India.