Yet another fund has decided to tap the growing water industry in India. India-centric Prithvi Sustainability Innovation and Technology Fund, with a proposed corpus of $150 million, has decided to make investments in the Indian cleantech industry, including the growing water industry.
The fund is looking to make investments in companies in India that provide solutions to water, air and soil contamination. And, it will be looking at emerging areas such as biofuels, air pollution management, soil conservation and organic farming, renewable energy sectors like solar power and wind, solid waste management, biomass combustion, co-generation systems and recycling technology.
Phew! That's just about as much cleantech you can have on your plate.
Prithvi hopes to achieve first close of the fund by January 2010 at $100 million and a final close in March. (I hope to be around to share its next step here).
The fund is currently tapping overseas investors including institutions, high net worth individuals and hedge funds in the US and UK. It also remains in talks with investee companies and will make investments after the first close.
Prithvi hopes to invest in companies engaged in various sectors of the water industry and is particularly eyeing projects in the water contamination, rainwater harvesting and wastewater treatment industry.
The proposed investment by Prithvi in the water sector in India is an indication of the growing interest of venture capitalists in the technology solutions being provided by some Indian companies in the sector. With the growing scarcity expected to create additional demand for water in the country, several private equity funds have already evinced interest in picking up stakes in companies engaged in the water sector.
The $150-million fund will have an investment range of $5 million to $15 million (Rs 23-Rs 70 crore) each in order to help ventures across a range of clean and green technology segments.
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