Global private equity firm Clearwater Capital Partners is investing $10 million or around Rs 49 crore in Hydroair Tectonics (PCD) Ltd, a Mumbai-based water and solid waste water management, at least two sources briefed with the matter told VCCircle.
However, the stake acquired by the PE firm and the valuation of the company could not be immediately ascertained.
E-mail queries sent to Karthi Athreya, director of Clearwater Capital India, and the Hydroair spokesperson did not elicit any response till the time of posting this article.
Hydroair is into five types of waste management – sewage, zero discharge, effluent, waste water and solid waste. The company has implemented sewage treatment plants for several clients in public and private sectors. It has also completed three waste water treatment projects and claims to have completed more than 200 environmental projects in the solid waste management practice.
The company is promoted by its chairman and managing director HB Singh, a first-generation entrepreneur and technocrat with over 30 years of experience in the field.
Incidentally, Hydroair had raised $1.2 million from Subhkam Ventures in 2006 in its first round of institutional capital infusion into the company.
The sector has been on the radar of venture capital and private equity firms for some time now. Recent investments include Aditya Birla’s Sunrise Fund investing Rs 40 crore in SMS Paryavaran, Matrix Partners backing Chetas Control Systems with Rs 60 crore and Nexus infusing Rs 9 crore in Greywater Technologies.
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