Japan’s Toshiba Corporation acquires a majority 80% stake in UEM India

Visual sourced from UEM website

Japan’s Toshiba Corporation has acquired a majority 80 per cent stake in IVFA-backed water services company UEM India Pvt Ltd (UEM) with the aim to strengthen its water and waste-water management business in India and neighboring countries, the company announced on Wednesday.

Toshiba, which was previously holding a minority 26 per cent stake in Noida-based UEM, has acquired the additional stake from its existing investors including IVFA and the founding member Krishan Kshetry. With this, the shareholding of both IVFA and Kshetry come down to 20% in UEM.

The current management team at UEM would continue to run the operations of the company, the press statement said.

Speaking on the development, Hirofumi Yoshino, vice-president – water and environmental systems division, Toshiba Corporation, 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. With this enhanced relationship, we intend to bring our expertise and global access to enable UEM to become one of the leaders in global water treatment industry.”

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. Since then, IVFA, Toshiba and the founders have been jointly overseeing UEM’s business.

Commenting on the acquisition, Krishan Kshetry, promoter, UEM, said, “IVFA has been a most supportive partner who has helped us scale the business and took the lead in re-organizing and professionalizing the business. I am now delighted with this next milestone of Toshiba deepening its partnership as it would provide a bigger canvas for UEM to work on.”

Toshiba has been Japan’s leading manufacturer of electrical systems for water supply and sewerage facilities for over 40 years. The company has also expanded the business into overseas markets, including China and Indonesia.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.