US-based Aquatech, which provides water purification for industrial and infrastructure markets, has made an undisclosed investment for a majority stake in Pune-based WEX Technologies Pvt Ltd.
The 10-year-old Indian company’s chemical product solutions address applications for boilers, cooling towers & reverse osmosis, thermal evaporator antiscalants and cleaners. It has customers in sectors like power, petrochemical and oil & gas.
WEX will operate as an independent entity, with the original founders continuing in their management capacities. Dhrubo Banerjee will remain the managing director of WEX and Aquatech will add new members to the WFX board of directors.
“Aquatech has been focused on growth in India by providing innovative and integrated technological solutions. Investment into WEX will enhance our ability to add value to our clients by providing them a Total Water Management solution. Our work can positively impact our clients’ water and energy footprint, and save them money as well,” said Aquatech MD Devesh Sharma.
Aquatech, headquartered in the USA, has a significant global presence through its subsidiaries in India, Europe, the Middle East and China.