NEW YORK--(BUSINESS WIRE)--Harbinger 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 result, health care costs are the single largest expense in the budgets of India’s states’ governments.”
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 this endeavor.”
“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 illnesses.”
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
Harbinger 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.