Harbinger Capital Partners Announces Joint Venture With BS Enviro Solutions to Bring Clean Water Technology to India and

  Harbinger Capital Partners Announces Joint Venture With BS Enviro Solutions
  to Bring Clean Water Technology to India and Southeast Asia

BS Enviro Acquires 51% Stake in Skywater India from Harbinger and will Act as
                Local Partner to Manage Day-to-Day Operations

Business Wire

NEW YORK -- March 22, 2013

Harbinger Capital Partners (“Harbinger”), a multi-billion dollar private
investment fund based in New York, announced today that it has formed a joint
venture with BS Enviro Solutions Ltd. (“BS Enviro”), a subsidiary of BS
Limited, a leading infrastructure provider in India, to operate Skywater India
Ltd. (“Skywater India”) and bring clean water technology to India and,
eventually, to other countries in Southeast Asia.

Under the joint venture agreement, BS Enviro has acquired a 51% stake in
Skywater India and will act as Harbinger’s operating partner by managing
Skywater India’s day-to-day operations. Harbinger retains a 49% equity stake
in Skywater India and will continue to play a key role in developing the
company’s overall strategy to grow its business throughout India and Southeast

With a manufacturing facility in Hyderabad, India, Skywater India uses
patented technology to manufacture Atmospheric Water Generators which harness
humidity in the air to generate clean water. In climate regions with the
necessary atmospheric humidity, the generators can produce and store up to
1,200 liters of clean water per day. In addition, the units can be fitted with
gasification technology that converts biomass into usable electricity, and
then a single unit can provide potable water and also serve as an efficient
power source.

“Access to clean drinking water is one of the most important issues the world
is facing today,” said Phil Falcone, Chief Executive Officer and Chief
Investment Officer of Harbinger. “The World Bank estimates that unsafe
drinking water in India is responsible for approximately 1,600 deaths daily
and 21% of all communicable diseases. As a result, health care costs are the
single largest expense in the budgets of India’s states’ governments.”

Mr. Falcone added, “Our investment in Skywater India is consistent with our
strategy of looking for opportunities where there is high-demand for resources
with limited supply. It is particularly rewarding when we are able to find
such opportunities and make an investment that also helps address critical
social and environmental issues. BS Enviro’s industry expertise, local
knowledge and on-the-ground presence will be invaluable to Skywater India’s
mission to provide potable drinking water to India and Southeast Asia, and we
are excited to have them as our partner on this endeavor.”

“Having a domestic presence and local relationships is crucial to our
continued success in India,” said Keith Bernard, Chief Operating Officer of
Applica Water, Skywater India’s U.S.-based affiliate. “We currently are
installing 100 Skywater units in the State of Meghalaya, and this partnership
with BS Enviro will greatly enhance our ability to meet the increasing demand
for our technology and to expand our reach to other parts of India and
Southeast Asia.”

“For a long time, India’s drinking water resources have diminished, while
demand and the cost of healthcare have rapidly increased alongside the
country’s growing population,” said Rajesh Agarwal, Chairman & Managing
Director of BS Group. “With Skywater’s technology, we are providing the people
in India with a vital resource that will improve their quality of life and
help decrease the spread of water-borne illnesses.”

Sanjay Sultania, Managing Director of BS Group, said: “We are proud to be
working with Harbinger and local governments to ensure that the people of
India are able to access safe drinking water, and we look forward to expanding
the reach of Skywater technology across the region.”

In addition to providing clean drinking water in India, BS Enviro will also
seek to market and install Skywater technology in Malaysia, Singapore, Brunei,
Cambodia, Laos and Myanmar.

About Harbinger Capital Partners

Harbinger Capital Partners is a multi-billion dollar private investment fund
based in New York which employs a fundamental, intensive research-based
approach to investing. Harbinger Capital Partners is led by Phil Falcone who
has been the Chief Executive Officer and Chief Investment Officer of funds
affiliated with or managed by Harbinger Capital Partners since 2001. Mr.
Falcone has more than 20 years of investment experience across an array of
market cycles.

About Skywater India Ltd.

Skywater India is focused on bringing clean, pure, fresh water to the people
of India and the world. Its water development center and manufacturing site
are located in Hyderabad, Andhra Pradesh, India.

About BS Enviro Solutions Ltd.

BS Enviro Solutions Ltd, a subsidiary of BS Limited, was incorporated in 2012
to cater to the group’s interests in Water & Waste Water and Solid Waste
Management solutions. Co-promoted by BS Limited, led by Chairman & Managing
director Rajesh Agarwal and Sanjay Sultania. The company’s vision is to
provide multi-disciplinary environmental management solutions in liquid and
solid waste, which include handling & recycling of hazardous waste, e-waste,
medical and water & waste water. An integrated common facility which will
facilitate treatment of hazardous, e-waste and bio medical waste and recycling
is also being expedited.


RLM Finsbury
Steven Goldberg / Will Briganti
Press spacebar to pause and continue. Press esc to stop.