Blue Planet Environmental Solution Pte Ltd, a Singapore-headquartered company, has acquired Pune-based Rudra Environmental Solution (India) Ltd for an undisclosed amount, according to a company statement.
The combined entity provides a solution to convert waste plastic into valuable energy and material outputs, the statement said.
Rudra Environmental operates a thin-film plastic waste recovery facility in Pune.
“Rudra has been at the forefront of the waste plastic-to-oil conversion process and is a pioneer in finding solutions for end of life waste plastic, especially thin plastic, which traditionally has no or low monetary value,” said Dr Medha Tadpatrikar, founder and executive director of Rudra Environmental Solution.
Founded last year, Blue Planet provides a full spectrum of services for waste management including collection, segregation and treatment of waste.
“Blue Planet’s strategy of creating an end-to-end waste management platform is the only sustainable way of solving the ever-growing waste crisis,” said Prashant Singh, founder and chief executive of the company.
Asia generates more waste than any other continent, with a rising population and rapid rate of urbanisation among the key drivers, the statement said.
According to the World Bank, the continent is estimated to generate 1.8 billion tonnes of waste by 2025, but the region faces serious gaps in collection, segregation and processing services.
Rudra is a key piece to achieving Blue Planet’s vision of diverting plastic waste from landfills and producing valuable outputs at no cost to the environment, the statement added.
Demand for organised waste management enterprises has been growing in India owing to government initiatives such as Swachh Bharat Abhiyan and a regulatory push on the solid waste management front.
In August, private equity firm KKR & Co. agreed to acquire a 60% stake in environmental services provider Ramky Enviro Engineers Ltd for about $530 million (Rs 3,667 crore).
A couple of other waste management companies have attracted interest from investors in the last couple of years.
In June this year, Nepra Resource Management Pvt. Ltd, a waste management company that operates under the ‘Let’s Recycle’ brand, raised Rs 44 crore ($6.5 million) in its Series B round of funding.
Last year, Ennovent Impact Investment Holding, which backs companies that cater to the poor, had invested an undisclosed amount in Bengaluru-based waste management services provider Hasiru Dala Innovations Pvt. Ltd.
Two years ago, EcoCentric Management Pvt Ltd (ECMPL), a Mumbai-based e-waste management firm, raised its first round of growth capital from a couple of high net worth individuals (HNIs).