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EverEnviro Resource Management Pvt Ltd, a wholly-owned subsidiary of Green Growth Equity Fund (GGEF), has acquired the entire stake of integrated waste management company, IL&FS Environmental Infrastructure & Services Ltd (IEISL). The financial terms of the deal were not disclosed.
This deal, one of the largest in municipal solid waste management (MSW) in India, also includes the assets of IEISL’s subsidiaries RDF Power Projects Ltd (RDFPPL), East Delhi Waste Processing Company Ltd (EDWPCL), Swayam Swachatta Initiative Ltd (SSIL), Dakshin Dilli Swachh Initiatives Ltd (DDSIL) and Kanak Resources Management Ltd (KRML), the company said in a statement.
‘Integral element’
“Solid Waste management is an integral element of modern society and with this acquisition, EverEnviro aims to be the leader in this segment in India,” Parvez Umrigar, Managing Director and Chief Executive Officer of EverEnviro said.
EverEnviro is a waste management platform set up by GGEF, which is a climate fund managed by EverSource Capital, in 2019.
“This acquisition accelerates our agenda of promoting and investing in clean and sustainable businesses in India so as to achieve India’s climate objectives and Sustainable Development Goals and contribute to the government’s vision of sustainable development through schemes like Swachh Bharat Mission and Sustainable Alternative Towards Affordable Transportation,” Dhanpal Jhaveri, Chief Executive Officer, EverSource Capital, said.
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