Japanese firm Toshiba, today announced that it has acquired additional 54% stake in UEM India, an international water services company, from the Founders and India Value Fund. The deal size have been remained undisclosed and Toshiba has become the majority owner with 80% shareholding in UEM. India Value Fund and the founding member, Krishan Kshetry remain invested as minority shareholders. With the deal, The new UEM Board will be expanded to include six directors from Toshiba. Koichi Matsui would be the Chairperson and Managing Director from Toshiba; Founder Krishan Kshetry and Satish Chander from IVFA will also be on the Board. Founded by Krishan Kshetry, UEM Group 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 had acquired a majority stake in the Company, followed by a 26% strategic stake buy by Toshiba in March 2014. Tokyo Headquartered Toshiba, a manufacturer and marketer of electronic and electrical products and systems has a diversified product portfolio serving five business domains namely energy & infrastructure, community solutions, healthcare systems & services, electronic devices & components and lifestyle products & services.
Source: dealcurry.comToshiba Corporation Acquires Majority Stake In UEM India
Industry: Information technology 2015-11-27
