INSUBCONTINENT EXCLUSIVE:
By Baiju Kalesh and Anto AntonyKKR - Co
is considering a sale of its controlling stake in Ramky Enviro Engineers Ltd
a year after it completed the purchase of the Indian environmental services provider, according to people familiar with the matter.
The
buyout firm has held initial talks with prospective suitors including a Chinese company, the people said, who asked not to be identified as
the discussions are private.
KKR completed acquiring a 60% stake of Ramky Enviro for about $510 million in Feb
2019, according to a statement at that time
The investment was part of the private equity firm’s impact investing strategy, which refers to identifying businesses with positive
social or environmental impact
Ramky Enviro Founder Ayodhya Rami Reddy holds the remaining 40%.
Ramky Enviro offers solutions to a variety of environmental needs across
areas including industrial, municipal and medical waste management, wastewater treatment and recycling, according to its website
It manages about 6 million tons of municipal solid waste a year in 21 cities across India and also operates in countries such as Singapore,
Qatar, Saudi Arabia and Tanzania
The company counts Colgate-Palmolive Co., Mahindra - Mahindra Ltd
and Bayer AG among its clients.
Sale considerations are at an early stage and KKR could decide to keep its stake, the people said
Representatives for KKR and Ramky Enviro declined to comment.