Chembond will own 51% of the shares of the joint venture and H2O Innovation will hold the remaining 49%.
H2O Innovation India is targeting sales of C$5 million–C$8 million within its first three years of operation. The joint venture will initially have 12 active employees, including a complete and locally based management, engineering and sales teams.
H2O Innovation India will also serve as a sourcing and procurement platform for H2O Innovation longer term is expected to be a sub-contractor for H2O Innovation’s international projects.
“H2O Innovation India is our first operational base outside of North America. Creating this joint venture is a strategic complement to our growth strategy aimed at increasing our international sales and in particular our level of industrial and commercial sales. We are confident that H2O Innovation India will be successful in pursuing niche opportunities and applications and look forward to start working immediately with our new partners,” said Frédéric Dugré, president and CEO of H2O Innovation Inc.
“H2O Innovation India will play a key role in expanding Chembond's water treatment solutions beyond the sale of chemicals and services, enabling us to increase our share of the market and to add product lines to our portfolio in order to better serve our existing and future clients,” said Dr Vinod Shah, chairman of the board of Chembond Chemicals Ltd.