Hutchison sets up water unit to tap rising demand
HONG KONG, May 14 (Reuters) - Hutchison Whampoa (0013.HK: Quote, Profile, Research, Stock Buzz), billionaire Li Ka-shing's ports-to-telecoms flagship, said on Wednesday it has launched a new water division to tap rising demand for water globally.
Hutchison Water, which has offices in Hong Kong, China and the Middle East, is expected to become a leading player in desalination, water re-use, water and waste water treatment, the company said in a statement.
"Increasing demand coupled with depleting natural resources from global warming, over-usage and contamination has created significant opportunities in this field," Canning Fok, Hutchison's group managing director said in the statement.
"Hutchison Water intends to rapidly develop its business in this burgeoning water market," he added.
The company did not disclose investment details. (Reporting by Alison Leung; Editing by Anne Marie Roantree)
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