Chembond Chemicals’ joint venture relationship with H2O Innovation Inc., Canada to produce and sell water treatment systems has been terminated. H2O Innovation will sell its shares representing 49% of the issued shares in H2O Innovation India to Visan Holdings and Financial Services.
The company would however continue to operate the water treatment systems business and would rename H2O Innovation India to reflect the ownership change before May 31, 2013 subject to receiving regulatory approvals.
In February 2010, Chembond and H2O Innovation had formed H2O Innovation India to cater to the growing and technologically advancing water treatment equipment business in India and the SAARC region.
