State-backed conglomerate CITIC Pacific and Veolia Environment, the world's largest water company, will supply drinking water to the city of Changzhou, near Shanghai, in a 30-year deal worth US$964 million, the Standard of Hong Kong reported. CITIC will pay more than US$47 million for a 49% stake in Changzhou Tap Water Group (CZTWG) and take over management of the operation together with Veolia, which will control 51% of the joint venture. CZTWG operates five water treatment plants with a daily capacity of 790,000 cubic meters and a 1,750-kilometer network in Changzhou.
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