Standard Chartered, IL&FS-backed Ramky Enviro in Australian acquisition
Ramky Enviro Engineers (REEL), an Indian waste management company backed by Standard Chartered and IL&FS Investment Managers, has agreed to acquire Australian environmental engineering and petrochemical services provider Enviropacific Services .
The acquisition - which is being made through subsidiary Ramky Environment - comes just months after REEL delayed its $200 million IPO due to market volatility.
The terms of the deal have not been disclosed but according to The Wall Street Journal the initial amount and performance-based incentive payments total around A$45 million ($41.5 million).
Set up in 1994, REEL is part of the Ramky Group. In India, it has set up the first ever integrated bio-medical waste management facility, the first ever integrated hazardous waste management facility and the first integrated municipal waste management facility.
Standard Chartered IL&FS Asia Infrastructure Growth Fund and IL&FS Investment Managers' Tara India Fund III invested $42.8 million in Ramky for a minority stake of less than 5% back in 2009.
"Enviropacific provides Ramky Environment with a strong Australian platform to drive substantial growth in both Australia and internationally in key regions including Greater China, India, Singapore, Asean and the Middle East where strong demand exists for the high quality and environmentally sound services provided by Enviropacific," said REEL CEO Swee O. Goh.
REEL also plans to make targeted acquisitions in Australia and enter new market sectors. The company's revenue was projected to grow more than 40% from a base of $67 million in the previous fiscal year.
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