Philippine conglomerate Filinvest Development Corporation (FDC) and Singapore firm Hitachi Aqua-Tech Engineering Pte. Ltd. inked a joint venture (JV) agreement to put up a water solution company that will provide overall water solutions in the Philippines. Filinvest-Hitachi Omni Waterworks Inc. will have a capitalization of PHP 34.375 million (USD 661,000) of which 60% will be financed by Filinvest, and the remaining 40% by Hitachi.
The JV company, called Filinvest-Hitachi Omni Waterworks Inc., will provide water treatment engineering, including design, construction and installation, and operation & maintenance for water treatment facilities, including desalination, recycled water and sewage treatment for internal FDC projects and external customers in the public and private sectors.
According to the President and CEO of FDC, the technical expertise of Hitachi and nationwide reach of FDC will help solidify their participation in water industry. The JV company will also complement their investments in power and Infrastructure.
FDC has a subsidiary company called, Countrywide Water Services, Inc (CWSI), which distributes water to the various Filinvest real estate projects. Hitachi Aqua-Tech, a subsidiary of Hitachi Ltd., has over 40 years of experience in the water industry as specialist in providing water solutions.
(Sources: Hitachi; Manila Bulletin; Manila Standard)
