Israel-based company Watergen announced a strategic joint venture (JV) with SMV Jaipuria Group with a planned investment of more than $50 million in the next two-three years for getting water-from-air technology products to India.
As part of the JV Watergen also ventured 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 usage. Under this collaboration, a manufacturing unit will also be installed by the end of this year.
These devices create water from humidity in the air. They can produce 30 to 6000 liters per day with costs beginning from Rs 2.5 lakh plus goods and service tax (GST).
These devices are perfect for school residential buildings hospitals villages parks resorts construction sites homes and offices among others.
Watergen India CEO Maayan Mulla told the media that the company is planning to infuse in India. The JV will invest more than $50 million in the next two-three years based on the plan.
The four devices rolled out for the Indian market will be imported initially till a manufacturing plant is opened in the nation.
The company is looking at the Indian market as one of the top strategic markets for Watergen. The company is entering this market because of the demand and the size of the market as well he said.
He said the manufacturing plant to be set up in India will help both Indian and global markets. It will be a manufacturing hub for the global activity of Watergen.
Mulla said it has a research and development (R&D) center in Israel and has research tie-ups with various universities in Israel and the UAE.
Hopefully, the company will join with a local university in India soon as they are looking for a university that will support doing research on atmospheric water in India he said.
SMV Jaipuria Group Director Chaitanya Jaipuria said that a manufacturing facility should come up before the year-end and wish to begin the production of the first batch of machines towards this year's ending.