Israel-based company Watergen on Wednesday announced a strategic joint venture with SMV Jaipuria Group with a planned investment of more than USD 50 million (over Rs 387 crore) in the next 2-3 years for bringing water-from-air technology products to India.
As part of the 50:50 JV, Watergen also launched four of its atmospheric drinking water devices -- Genny, Gen-M1, Gen-M PRO and Gen-L -- for the Indian market for both industrial and consumer use. A manufacturing plant will also be set up by the year-end under this partnership, it said.
These devices produce water from humidity in the air. They have capacity to produce 30 to 6,000 litres per day, with prices starting from Rs 2.5 lakh plus GST.
These devices are ideal for schools, hospitals, parks, resorts, construction sites, villages, residential buildings, homes, offices, among others.
Speaking to PTI, Watergen India CEO Maayan Mulla said, "We are planning to invest in India. Based on our plan, we will invest more than USD 50 million in the next 2-3 years."
The four devices launched for the Indian market will be imported initially till a manufacturing facility is opened in the country, he said.
"We are looking at Indian market as one of the top strategic markets for Watergen. We are entering into this market because of the need and the size of the market as well," he said.
The manufacturing facility to be set up in India will serve both Indian and global markets. In fact, it will be a manufacturing hub for Watergen's global activity, he added.
Asserting that the company sees no challenges in adoption of its devices in India, Mulla said, "Our technology is working very well all over the world. India is a country with different climatic conditions and size of states. Indian market is suitable for our technology."
Mulla also said it has a research and development centre in Israel and has research tie-ups with several universities in Israel and the UAE.
"Hopefully soon we will join with a local university in India. We are looking for a university that will help us do research for atmosphere water in India," he added.
SMV Jaipuria Group Director Chaitanya Jaipuria said, "It is a 50:50 JV. A manufacturing facility should come up before end of this year, that is our target. We wish to start the production of first batch of machines towards the end of this year."
The company has not yet identified a place for the manufacturing unit and talks are underway, he said, adding the aim of the JV is to address the safe drinking water problem in India.
The atmospheric drinking water devices have plug-and-play technology that can be easily installed using a standard electricity connection or any alternative energy sources.
Watergen is present in more than 90 countries and has five manufacturing facilities in the US, Israel and China.