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Hitachi’s water business prepares to go global

Hitachi Group has taken a decisive step towards the expansion of its international water business with the launch on 1st October of Hitachi Aqua-Tech, a Singapore-based RO systems manufacturer.

The group expects its water business to deliver ¥200 billion ($2.4 billion) of sales by 2015, with Hitachi Aqua-Tech generating up to ¥5 billion ($60 million) of this.

The creation ...

VA Tech Wabag IPO 36 times subscribed

Shares in Chennai-based EPC contractor VA Tech Wabag will begin trading on the Bombay Stock Exchange and on India’s National Stock Exchange on 13 October, following a blow-out IPO.

The company’s initial public offering, which closed on 27 September, grossed INR4.75 billion ($104.6million), according to IDFC, which acted as joint-lead manager alongside Enam Securities.

The total ...

Mixed fortunes for Severn Trent in US contract ops

Severn Trent Services has had a week of differing fortunes in the US contract operations market. It is frontrunner to pick up a $10 million 5-year contract to operate and maintain the water and wastewater assets in the City of Reidsville, NC, but appears to have lost its battle to hold on to an O&M contract in Jackson, MS ...

Competition could breach UK water plc debt covenants

Plans to separate the retail functions of UK water companies from their wholesale operations – as an early initiative to promote more competition in the industry – may breach the financing covenants of some of the highly geared companies in the sector.

This was the conclusion of the first meeting that the Defra-chaired Market Reform Forum, which includes representatives from the companies ...

Cinven curries favour with renewed offer for Spice

Shares in utility outsourcing specialist Spice plc jumped by 4.5% on Monday after the company finally accepted a revised take-over offer from private equity house Cinven which values Spice’s equity at £251 million.

Cinven’s previous attempts to buy Spice – which has water meter installation and meter reading contracts with United Utilities, Yorkshire Water and Cambridge Water – were ...

Sumitomo plans ¥50bn push into Chinese water market

Sumitomo Corporation plans to invest ¥50 billion ($584 million) in the Chinese water sector over the next three years, and has agreed to establish an alliance with Beijing Capital in order to further its ambitions.

As part of the agreement, Sumitomo will take a 40% equity stake in a new joint venture with Beijing Capital Hong Kong, enabling it to ...