Granite Hacarmel in Indian cleantech consortium

CEO Ami Sagis: In India, the gap between energy needs and supply creates a great opportunity.

Granite Hacarmel CEO Ami Sagis told "Globes", "We decided to build on the company's strengths in areas complementary to our regular business, including energy and especially renewable energy. We've accumulated extensive experience in the water and energy industries in Israel."

Sagis added, "In India, there is a severe shortfall between energy needs and energy supply, which creates a great opportunity to enter this market, while utilizing Granite Harcarmel's capabilities."

Granite Hacarmel's cleantech business is carried out through subsidiary GES Global Environmental Solutions Ltd., which focuses on water technologies. GES is a partner in the Palmachim seawater desalination facility. Granite Hacarmel's energy business is mainly handled through Sonol Israel Ltd, and Supergas.

"Globes": How would you characterize the members of the Indian consortium?

Sagis: "We're the only strategic investor in the venture; the others are financial partners. We're the only public company, which is why we must file a report, but we're talking about the very early set-up stage of the venture, and there are conditions that the consortium must meet for the venture to go ahead."

Sagis declined to disclose when he expected the venture to be established, but market sources predict that several months will be needed.

Which renewable energy sectors will you invest in?

"We'll invest in all renewable energy sectors, from cogeneration, wind farms, and pumped storage hydroelectric power. We think that expanding our holding in this field is the right thing to do worldwide, and in India in particular."

Published by Globes [online], Israel business news - www.globes-online.com - on February 28, 2008

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