Toshiba partners with IVFA-owned UEM Group
After expanding its water supply and treatment business into markets such as China and Indonesia, Toshiba Corporation went looking for a strategic partner in India. It zeroed in on UEM Group, one of the top three domestic players in the sector. UEM needed money for growth but the majority shareholder, India Value Fund Advisors (IVFA), was not yet ready to sell.
"We were not looking for strategic investors, because we think we are still in the middle of our value creation," Vishal Nevatia, IVFA's managing partner, explains. "A project takes 12-24 months to execute...
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