What are your expansion plans for India?
The scale of infrastructure being built is phenomenal. What India has to navigate is constructability — building where land is limited, and sites are difficult — and that is driving innovation that is unique to India. We recently secured 15-year operating contracts in Mumbai. Some of these projects are under construction, while others are already commissioned.
We’re also seeing strong demand from high-tech industries. As water-intensive sectors such as semiconductor expand, we provide ultra-pure water and wastewater recycling, which we call “waste to wafer”, to close the water cycle. Data centres are also creating a massive market for water reclaim and reuse, which will be central to strengthening India’s water security.
Across APAC, which segments do you see offering the biggest opportunities?
The biggest growth right now is driven by reshoring, particularly in microelectronics and advanced manufacturing. Chip production needs ultra-pure water, and as production intensifies, its wastewater has to be treated and recycled. That requires specific expertise, and it is a fast-growing sector across APAC. Data centres are another major area.
India stands out in industrial water and hazardous waste, with zero liquid discharge requirements and large manufacturing corridors for chemicals, pharmaceuticals, and life sciences — areas where we bring expertise. Hydrocarbon processing, chemical processing, and food and beverage are also key drivers.
Across all these markets, municipal transformation remains fundamental. Mature APAC markets need to optimise the assets they already have, while growing markets such as India need to build new ones through public-private partnerships (PPPs) and large-scale urban water distribution and drinking water production.
How does the India opportunity compare with other major APAC markets?
Developed markets such as Japan, South Korea, and Australia are focused on getting more capacity out of existing infrastructure, while growing markets such as China and India are investing heavily in new infrastructure.
China’s growth is concentrated in data centres, microelectronics, and Coal-to-X, while India’s infrastructure development and stringent regulatory requirements are expected to drive demand.
India also uniquely combines value engineering with advanced digital engineering. It serves as an engineering and digital hub for Veolia, supporting its APAC and global operations. That allows us to deploy next-generation smart systems, including artificial intelligence and our Hubgrade digital solutions, much faster across the region and helps mature markets such as Japan, South Korea, and Australia get more from the infrastructure they already have.
Where is Veolia investing across APAC?
Our priorities follow where demand is moving fastest: advanced manufacturing, digital infrastructure, and industrial water reuse, alongside the transformation of municipal water. To support that, we’re investing heavily in the next phase of our Wuxi factory in China, as well as in our engineering teams and manufacturing facilities in India.
What challenges are you facing in the APAC markets?
Challenges vary by market. In India, unlike mature APAC markets, projects face bankability constraints due to low municipal water tariffs. Water is often undervalued: people will pay far more for bottled water than for what comes out of their taps, yet even a 10 per cent tariff increase meets strong public resistance. That makes projects harder to finance and slows the PPPs that could hasten investment.
China and India have made progress on regulation, particularly tighter discharge requirements. But in parts of Southeast Asia, bureaucracy, bottlenecks, and uncertainty over whether policies are enforced or are merely guidelines can delay projects. In India, land acquisition and approval processes can also take longer than in markets such as Singapore, which slows the scaling of critical infrastructure.
What impact are you seeing because of the West Asia war?
In the first half of the year, some customers deferred projects because they were uncertain about when the situation would end. In the second half, customers have accepted this as the new normal and are making decisions accordingly, and we are seeing growth as a result.
Most customers now understand how tariffs will and won’t impact them, and countries are taking their own steps to manage them.
Our model is “in-region for region”, so cross-border tariffs have had very limited impact on us.
Do you see policy-level support rising, particularly in India?
There’s a lot of discussion about putting the right frameworks and incentives in place. The conversations have definitely started, and India has a lot to be proud of. Its wastewater discharge requirements are already among the most stringent in the region. If India can move that fast on discharge standards, it can move faster in other areas too. It can be done; stakeholders need to come together and focus on the right outcome.
APAC accounts for 10 per cent of Veolia’s global revenue. How do you see that share evolving in the coming years?
Given the investments flowing into APAC and India, we expect that share to increase. How fast it grows depends on how quickly decisions are made. Where government-led projects move slowly, revenue will build more slowly.
Looking at combined business growth across China, India, Southeast Asia, and Oceania, Veolia’s growth rate in APAC is strong. We expect the region’s share to grow quite rapidly over the next five to six years.
India is a high priority under GreenUp, Veolia’s strategic plan to accelerate ecological transformation. We have ambitious targets, and we are investing in our people in India to deliver them.
Are you open to joint ventures (JVs), acquisitions and inorganic growth?
Yes. Mergers and acquisitions are part of how Veolia grows, and we pursue opportunities that strengthen what we can offer customers. Partnerships matter just as much, and our allies include JVs and consortia, both incorporated and unincorporated.
How would you compare the APAC market with other global markets?
APAC has both advantages and challenges. With China and India among the world’s most populous countries, the region has a much larger pool of engineering talent. The challenge is keeping that talent engaged.
Another challenge is scaling startups. In the Americas and Europe, startups scale faster, with more capital behind them. We need to close that gap so that technology developed here advances faster and reaches other markets.
APAC is uniquely positioned, particularly because much of the investment in Southeast Asia and India is coming from global companies. That helps as we navigate today’s geopolitics. And with the world’s largest population and a growing middle class, the region’s infrastructure needs will only increase, which is positive for our business.
