Aquatech buys majority stake in Indian chemical provider
Desalination and water-treatment specialist Aquatech International, based in Pennsylvania, has made a majority strategic investment in India's WEX Technologies Private Ltd, a provider of performance water-treatment chemicals and services.Founded in 2001, Pune-based WEX provides chemical products with applications for boilers and cooling towers, and antiscalants and cleaners for reverse-osmosis membranes and thermal evaporators.
Over the past 10 years, WEX, which represents UK desalination chemical specialist Genesys International in India, has experienced consistent growth and has built an impressive customer base, particularly in the power, petrochemical and oil and gas markets.
"Aquatech has been focused on growth in India by providing innovative and integrated technological solutions," said Aquatech's managing director, Devesh Sharma. "Investment into WEX will enhance our ability to add value to our clients by providing them a total water management solution. By working together, Aquatech and WEX can help our clients use less water and optimize cost by managing their water consumption."
WEX will continue to operate as an independent entity with the original founders, who are recognized and respected veterans in the field, continuing in their management capacities. Dhrubo Banerjee will continue to be the managing director of WEX, and Aquatech will add new members to the board of directors of WEX in order to develop synergies that will enable both companies to offer complete water treatment solutions to their respective customers.