Bangalore-based IT solutions and electronics manufacturing services provider Cerebra Integrated Technologies Ltd has cancelled its deal with Singapore-based Enviro-Hub Holdings for acquiring the latter’s wholly owned subsidiary Cimelia Resource Recovery Pte Ltd for $20 million, as per a stock market disclosure.
“After careful and in-depth evaluation of various facts and related issues, the proposal for acquisition of Cimelia Resource Recovery Pte Ltd, Singapore, has been aborted,” the company said in the filing.
Cerebra further said that it would now proceed with the India e-waste plant and get it up and running at the earliest.
In February this year, Cerebra signed a share purchase agreement (SPA) with Enviro-Hub to acquire its wholly owned subsidiary Cimelia.
Cimelia operates its recycling and PGM (platinum group metals) refining facility in Singapore and has a capacity to recycle 30,000 MT of e-waste and other waste. The firm started its operations back in 2004 and works as a subsidiary of Enviro-Hub Holdings. It also has a white goods recycling plant in Singapore.
Founded in 1992, Cerebra provides software, IT training and consulting, legal process outsourcing, business process outsourcing and knowledge process outsourcing services. The company started its Indian e-waste operations from a temporary facility in Peenya industrial area in Bangalore. The firm’s turnover for the year ended September 2012 was pegged at Rs 164 crore.
(Edited by Sanghamitra Mandal)