A Singapore-based waste-to-value added product company - Memsift Innovations will set up its first global engineering plant in India and raise $10 million to expand operations, said its CEO and founder J. Antony Prince in Chennai.
According to Mr. Prince, the company’s Improved Membrane Distillation technology “efficiently recovers valuable materials from industrial effluents while reducing environmental impact..
The five-year-old bootstrapped firm will raise about ₹83 crore and require 2.5 acres to set up shop. “₹50 crore will be spent over the next three to five years and employ 70-80 engineers and the balance to open offices in Europe,” he said.
Mr. Prince said the company has offers from Hosur, Pune and Surat to set up the hub, but that he prefers Hosur, as he is from Tamil Nadu.
According to Mr. Prince, the proposed plant will be equipped with resources to develop small to large-scale industrial membrane systems. The central focus of these systems is the treatment of industrial effluents by converting waste into value and decarbonizing high-value manufacturing industries on a global scale.
In India, the company has tie-ups with Grasim Industries and Murugappa group’s Parry Enterprises. “We have over 30 clients worldwide. Our target clientele are paper & pulp, chemicals, semiconductors, pharma and electronics sectors. We are also talking with a few Indian firms to forge a partnership to help reduce their carbon footprint,” Mr. Prince said.
