Neev Fund invests in Blue Planet Environmental Solutions

Waste management solutions firm Blue Planet Environmental Solutions Tuesday said State Bank of India-backed Neev Fund has made an investment in the company.

The investment was made to further mandate the fund, which aims to provide capital to portfolio entities, to achieve long-term capital appreciation while promoting sustainable development, Blue Planet Environmental Solutions said in a statement.

However, the company did not disclose the quantum of the investment made.

"We believe that our partnership with the Neev Fund will give us additional impetus as we aggressively scale up the business in the waste management space," Blue Planet Environmental Solutions CEO and founder Prashant Singh said.

Neev Fund is an infrastructure-focused private equity fund that was created as a partnership between SBI and the UK government's Department for International Development (DFID), the company said.

"Blue Planet has demonstrated a unique advantage in the waste management business by successfully introducing global waste management technologies in India," Neev Fund CEO Manav Bansal said.