Sumitomo, Beijing Capital Form Water Business Venture

Sumitomo Corporation has formed a joint venture with Beijing Capital for a water infrastructure business.

The joint venture will participate in three wastewater treatment projects in the Shangdong and Zhejiang provinces of China.

Sumitomo Corporation in Japan will hold a 40% stake in the joint venture and plans to invest CNY50bn ($7.4bn) into water-related businesses over three years, while Beijing Capital will provide its construction and operation knowledge.

The joint venture is also considering expanding its collaboration to other countries and business sectors such as waste and sludge treatment and environmental technologies.