Japan's Hitachi Plant Technologies announced Thursday that it has purchased Chengdu Tuoyuan Tap Water Co with the cooperation of Chengdu Municipal Waterworks Co and Dujiangyan Water Conservancy Industry Group. This marks the first time Hitachi has directly tapped into China's water business.
The deal involved a total amount of 45 million yuan ($7.07 million), 51 percent of which was paid by Chengdu Municipal Waterworks Co, while Dujiangyan Water Conservancy Industry Group paid 39 percent and Hitachi paid the remaining 10 percent.
In September, 2010, the Japanese company signed a memorandum of water business cooperation with Xingrong Group, a subsidiary of Chengdu Municipal Waterworks Co.