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Voltas gains on water treatment JV with Dow Chemical

Reuters

Reuters Market Eye - Shares in Voltas Ltd(NSI:VOLTAS.NS - News) 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 (NYS:DOW - News) for water and waste water treatment.

The company will now be competing with VA Tech Wabag Ltd (NSI:WABAG.NS - News) and Thermax Ltd (NSI:THERMAX.NS - News) 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)