New Delhi: Subhash Projects and Marketing Ltd (SPML), a leading EPC player has formed a joint venture company with Cyprus based Hydro-Comp through a 50:50 joint venture. Incorporated as Hydro Comp Enterprises India Pvt. Ltd., the company is headquartered in Chennai and will cater to the water utility market in India.
The company aims to deliver hygienic, cost effective and consumer friendly water supply. Its service areas will focus on water management, technical studies, rehabilitation, 24x7 water distribution, concessional and public private partnership contracts in water utilities. It will also offer advanced and specialized services like network asset management system, non-revenue reduction projects and 24x7 water management contracts.
The joint venture will bring together the software and technical expertise of Hydro Comp Enterprises, Cyprus and the experience and contracting skills of SPML to make the venture successful.
Announcing Hydro-Comp (India), Anil Sethi, Chairman, SPML said, “2007 has been declared as the year of water by the Indian government and our launch is therefore timely. This initiative endeavours to change the dynamics of the water utility services by introducing global standards and efficiencies.”
According to Dr Dinos Constantinides, Group, Managing Director, Hydro Comp (Cyprus), “India is a country with unlimited opportunities in the water industry. We are determined to bring best practices in water management.”
The joint venture company combines SPML’s 25 years of experience in implementing over 200 projects and Hydro-Comp’s global specialization in information technology and consulting services for the water utility industry.
The water market in India is estimated at $1 billion (Rs4,000 crore). The water utilities industry in India suffers from low service coverage and intermittent supply. SPML believes that the private sector can play an important role in water utilities by bringing in managerial capabilities, which would result in the improvement of operational efficiencies while at the same time upgrading the quality of services.