Hyderabad: BS Ltd through its subsidiary BS Enviro Solutions Ltd today announced the acquisition of 51 per cent stake in Harbinger Capital-promoted Skywater India, engaged in water solutions.
This acquisition enables the Hyderabad-based EPC, transmission and tower solutions provider to enter into water management business.
The company plans to invest about Rs 30 crore over the next two years in the venture, which offers water generating machines.
These water machines priced at about Rs 10 lakh, trap atmospheric water to generate ozone treated water from moisture in the air.
These machines convert water vapour in the air into fresh and clean water and can produce about 700 litres of to about 1200 litres per day.
Rajesh Agarwal, Chairman and Managing Director, BS Ltd, said that the company has diversified into water treatment, sewerage treatment and effluent treatment solutions. This acquisition will help the company offer water solution.
The company has installed more than 50 such machines in India and has bagged orders for 100 machines from Meghalaya Government and few other orders from Bihar and Karnataka.
These are ideally suited for remote locations, said Sanjay Sultania, Managing Director of the joint venture.
As a CSR initiative
There is no financial outgo for the company. It is a structured deal and the payout is based on growth capital, Sultania said.
Addressing a press conference, Agarwal said the product will also appeal to large entities looking at corporate social responsibility to offer drinking water to remote locations. These can be installed in a village without adequate drinking water supply.
Referring to the company, Agarwal said during the first nine months BS closed with revenues of Rs 1,460 crore and expects a turnover of Rs 1,800 crore and a profit of about Rs 65 crore during the current financial year.
The company shares closed at Rs 322, up two per cent on the BSE.