Voltas gains on water treatment JV with Dow Chemical

Reuters Market Eye - Shares in Voltas Ltd gain 1.3 percent after the maker of air conditioners and cooling products said on Friday it has formed a joint venture with the Singapore unit of Dow Chemical Co for water and waste water treatment.

The company will now be competing with VA Tech Wabag Ltd and Thermax Ltd in the water treatment market in India, analysts tracking the sector say.

The waste water treatment plant market in India is expected to grow at a compounded annual growth rate of 15 percent till 2018, in terms of industry revenues, as per consultancy firm NexusNovus.

 

(Reporting by Abhishek Vishnoi)