Neev Fund, a private equity firm backed by State Bank of India and UK’s Department for International Development (DFID), have recently invested in Singapore’s waste management company, Blue Planet Environmental Solutions.
As per an official statement released by the company, Blue Planet Environmental Solutions claims that the investment was made to further mandate the fund, which aims to offer capital to portfolio entities and attain long-term capital appreciation, while encouraging sustainable development.
For the record, Blue Planet Environmental Solutions is renowned to provide waste collection services and processes for thin-film plastic waste as well as organic waste in India through a wholly owned unit.
Manav Bansal, CEO at Neev Fund, said that Blue Planet has established an advantageous position in the waste management sector in India by effectively introducing global waste managing technologies in the country.
As per reports, India generates over one lakh metric tons of solid waste daily. Demand for organized waste management enterprises in the country is growing rapidly due to India’s waste management initiative Swachh Bharat Abhiyan and strict regulations on solid waste management.
Prashant Singh, CEO and Founder, Blue Planet Environmental Solutions, was quoted saying that the company believe its partnership with Neev Fund will offer additional impetus as it scales up the business in the waste management sector.
Incidentally, the investment comes nearly two months after Blue Planet purchased Pune-based plastic waste management firm, Rudra Environmental Solution (India) Ltd. Reportedly, United States’ global investment firm KKR & Co. Inc. has also inked a similar deal to acquire 60% stakes in Hyderabad’s waste management firm, Ramky Enviro Engineers Ltd. for $530 million in August 2018.
Reliable sources cite that Neev Fund aims to invest in the eight low-income, developing states of India which include Chhattisgarh, Bihar, Madhya Pradesh, Rajasthan, Jharkhand, Odisha, Uttar Pradesh and West Bengal