Manila Water-Jindal venture to list on Indian stock exchange

BusinessWorld 

AYALA-LED utility Manila Water Co., Inc. yesterday disclosed more details on a new joint venture with an Indian firm, saying the new business unit would become a publicly listed company in India, with headquarters in New Delhi.
It also clarified that the joint venture with Jindal Water Infrastructure Ltd. w
ould purely be “development” and would still have to look for business opportunities.

“The partners agree to initiate the incorporation of the JVC (joint venture company) as a publicly listed company in India with registered office in New Delhi,” Manila Water said in a disclosure to the Philippine Stock Exchange.

Manila Water said the joint venture company would have an initial capitalization of $1 million.

On Monday, the water utility said it had entered into a partnership with Jindal Water to provide water supply, wastewater and other environmental services in the states of Rajasthan, Gujarat and Maharashtra in India.

Yesterday, Manila Water said the joint venture company would “purely be a developmental company wherein the primary purpose is to look for opportunities and participate in various water, wastewater and environmental projects ... through a pre-agreed development budget.”

Key officers of both parties will compose the joint venture company’s management and project team “where business development initiatives shall be carried out through a pre-agreed development project,” Manila Water said on Monday.

Jindal Water is part of the O.P. Jindal Group of India, described as a $10-billion business conglomerate.
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