|[March 22, 2013]
Harbinger Capital Partners Announces Joint Venture With BS Enviro Solutions to Bring Clean Water Technology to India and Southeast Asia
NEW YORK --(Business Wire)--
Capital Partners ("Harbinger"), a multi-billion dollar private
investment fund based in New York, announced today that it has formed a
joint venture with BS Enviro Solutions Ltd. ("BS Enviro"), a subsidiary
of BS Limited, a leading infrastructure provider in India, to operate
Skywater India Ltd. ("Skywater India") and bring clean water technology
to India and, eventually, to other countries in Southeast Asia.
Under the joint venture agreement, BS Enviro has acquired a 51% stake in
Skywater India and will act as Harbinger's operating partner by managing
Skywater India's day-to-day operations. Harbinger retains a 49% equity
stake in Skywater India and will continue to play a key role in
developing the company's overall strategy to grow its business
throughout India and Southeast Asia.
With a manufacturing facility in Hyderabad, India, Skywater India uses
patented technology to manufacture Atmospheric Water Generators which
harness humidity in the air to generate clean water. In climate regions
with the necessary atmospheric humidity, the generators can produce and
store up to 1,200 liters of clean water per day. In addition, the units
can be fitted with gasification technology that converts biomass into
usable electricity, and then a single unit can provide potable water and
also serve as an efficient power source.
"Access to clean drinking water is one of the most important issues the
world is facing today," said Phil Falcone, Chief Executive Officer and
Chief Investment Officer of Harbinger. "The World Bank estimates that
unsafe drinking water in India is responsible for approximately 1,600
deaths daily and 21% of all communicable diseases. As a reslt, health
care costs are the single largest expense in the budgets of India's
Mr. Falcone added, "Our investment in Skywater India is consistent with
our strategy of looking for opportunities where there is high-demand for
resources with limited supply. It is particularly rewarding when we are
able to find such opportunities and make an investment that also helps
address critical social and environmental issues. BS Enviro's industry
expertise, local knowledge and on-the-ground presence will be invaluable
to Skywater India's mission to provide potable drinking water to India
and Southeast Asia, and we are excited to have them as our partner on
"Having a domestic presence and local relationships is crucial to our
continued success in India," said Keith Bernard, Chief Operating Officer
of Applica Water, Skywater India's U.S.-based affiliate. "We currently
are installing 100 Skywater units in the State of Meghalaya, and this
partnership with BS Enviro will greatly enhance our ability to meet the
increasing demand for our technology and to expand our reach to other
parts of India and Southeast Asia."
"For a long time, India's drinking water resources have diminished,
while demand and the cost of healthcare have rapidly increased alongside
the country's growing population," said Rajesh Agarwal, Chairman &
Managing Director of BS Group. "With Skywater's technology, we are
providing the people in India with a vital resource that will improve
their quality of life and help decrease the spread of water-borne
Sanjay Sultania, Managing Director of BS Group, said: "We are proud to
be working with Harbinger and local governments to ensure that the
people of India are able to access safe drinking water, and we look
forward to expanding the reach of Skywater technology across the region."
In addition to providing clean drinking water in India, BS Enviro will
also seek to market and install Skywater technology in Malaysia,
Singapore, Brunei, Cambodia, Laos and Myanmar.
About Harbinger Capital Partners (News - Alert)
Capital Partners is a multi-billion dollar private investment fund
based in New York which employs a fundamental, intensive research-based
approach to investing. Harbinger Capital Partners is led by Phil Falcone
who has been the Chief Executive Officer and Chief Investment Officer of
funds affiliated with or managed by Harbinger Capital Partners since
2001. Mr. Falcone has more than 20 years of investment experience across
an array of market cycles.
About Skywater India Ltd.
Skywater India is focused on bringing clean, pure, fresh water to the
people of India and the world. Its water development center and
manufacturing site are located in Hyderabad, Andhra Pradesh, India.
About BS Enviro Solutions Ltd.
BS Enviro Solutions Ltd, a subsidiary of BS Limited, was incorporated in
2012 to cater to the group's interests in Water & Waste Water and Solid
Waste Management solutions. Co-promoted by BS Limited, led by Chairman &
Managing director Rajesh Agarwal and Sanjay Sultania. The company's
vision is to provide multi-disciplinary environmental management
solutions in liquid and solid waste, which include handling & recycling
of hazardous waste, e-waste, medical and water & waste water. An
integrated common facility which will facilitate treatment of hazardous,
e-waste and bio medical waste and recycling is also being expedited.
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