Blue Planet Environmental Solutions Pte Ltd, a Singapore-based waste management company backed by private equity firm Neev Fund, has acquired a Pune-based waste processing firm.
Blue Planet said in a statement it has acquired Xeon Waste Managers LLP, which provides solutions to convert organic waste into energy. The company said Xeon’s technology complements Blue Planet’s core business strategy in adopting a bottom-line approach focussed on people, prosperity and the planet.
The company did not disclose the financial details of the transaction.
Blue Planet co-founder Madhujeet Chimni said the company was looking to provide economically attractive and environmentally beneficial waste management solutions.
“With Xeon, we will be able to provide an innovative solution that is complementary to our existing capabilities to process organic food waste,” Chimni said.
Xeon founder Vishal Khalde said the acquisition would help it provide its technological solutions to a larger set of clients. The company’s proprietary technologies include EnergyBin, a customisable standalone unit that can process between 100 kilogrammes and five tonnes of organic waste a day.
Xeon’s customers include Tata Consultancy Services Ltd, Reliance Industries Ltd and the Kathmandu Municipal Corporation.
As part of the acquisition, Blue Planet will also help Xeon expand its operations in Southeast Asia including markets such as Malaysia, Vietnam and Singapore.
Blue Planet was founded in 2017 by Prashant Singh, Bharadwaj Chivukula and Manavjeet Chimni. It operates in India through a wholly owned unit. It provides waste collection services and processes thin-film plastic waste as well as organic waste.
In November last year, the firm raised funding from Neev Fund, which is backed by the State Bank of India and the United Kingdom’s Department for International Development. That investment came around a month-and-a-half after Blue Planet acquired the Pune-based Rudra Environmental Solution (India) Ltd.
Neev Fund is an infrastructure focussed PE firm that was established in 2015. Its mandate is to invest in low-income and developing states such as Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh and West Bengal. The fund is managed by SBICAP Ventures Ltd, a unit of SBI.
Apart from Blue Planet, some of its other investments include Leap India Food and Logistics Pvt. Ltd, which is promoted by the family of former Formula One racer Narain Karthikeyan. It has also backed solar power solutions provider SunSource Energy, integrated cold chain logistics service provider Crystal Logistic Cool Chain Ltd, Milk Mantra Dairy and United Sustainable Energy.
