New Delhi: Japan's Toshiba Corporation on Wednesday acquired a majority stake in UEM India Pvt Ltd to strengthen its position in the water and waste water management business.
"Toshiba acquired an additional 54 per cent stake today to become the majority owner with 80 per cent stake in UEM. IVFA and the founding member Krishan Kshetry remain invested as minority shareholders," Toshiba said in a statement.
Toshiba vice president (water and environmental systems division) Hirofumi Yoshino said: "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."
"We will bring in our expertise and global access to enable UEM to become one of the leaders in global water treatment industry."
Toshiba Corporation's Koichi Matsui has been appointed as chairperson and managing director of UEM, effective immediately, it added.
Mr Matsui will assume responsibilities for managing UEM including developing, driving and implementing business strategies and solutions to expand the company's business in India and abroad, Toshiba said.
In July 2010, IVFA had acquired a majority stake in the company, while Toshiba acquired 26 per cent stake in UEM in March 2014. Since then, IVFA, Toshiba and the founders have been jointly overseeing the business.
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