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ICICI Venture-backed water and waste water technologies company VA Tech Wabag has acquired its erstwhile Austrian parent for $100 million, reports Business Standard. The report adds that this is the first major overseas acquisition by a private equity owned company in India. VA Tech Wabag India, currently owned by ICICI Venture, has acquired VA Tech Wabag GmbH of Austria from Siemens for about $100 million.
In 2005, ICICI Venture had funded the management (led by Rajiv Mittal who is the CEO) of VA Tech to buy out the unit in India. While, Siemens had acquired the parent Austrian company.
Chennai-based VA Tech India is an engineering services company focused on water and waste water treatment. It has presence in drinking water, municipal wastewater, industrial water, industrial wastewater and desalination. The acquisition will give VA Tech Wabag presence in Europe, Asia, Africa and Australia, and will make it the third largest company in this space. The Austrian parent has a presence across the globe with a business volume of over 100 million euros (Rs 560 crore). The company has revenues of Rs 300-crore.