The Wall Street Journal
India’s Ramky Enviro Engineers Ltd., a waste management company backed by Standard Chartered PLC’s private equity unit, has made an acquisition in Australia, just months after it delayed a US$200 million initial public offering.
Ramky, through its subsidiary Ramky Environment Pty. Ltd., has agreed to acquire Australian environmental engineering and petrochemical services provider Enviropacific Services Pty Ltd., capping a search for capital that was earlier reported by The Wall Street Journal.
“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 (Association of Southeast Asian Nations) and the Middle East where strong demand exists for the high quality and environmentally sound services provided by Enviropacific,” Ramky Enviro Engineers Ltd.’s chief executive, Swee O Goh, said in a statement, adding that Ramky plans to make targeted acquisitions in Australia and enter new market sectors.
Terms of the deal were not disclosed, but a person familiar with the matter said the initial amount and performance-based incentive payments totaled around 45 million Australian dollars (US$41.5 million).