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Ramky Cleantech Services Pte Limited of Singapore, a wholly-owned subsidiary of Hyderabad-based waste management company Ramky Enviro Engineers Limited (REEL), is eyeing to acquire an Australian environmental engineering and petrochemical services provider - Enviropacific Services.
"It will take time," Ramky group chairman and managing director, Ayodhya Rami Reddy, who is currently in Singapore, told Business Standard confirming that discussions were being held.
Standard Chartered and IL&FS Investment Managers are private equity partners in REEL, a company belonging to the Rs 4,500-crore Ramky group.
According to Ramky Infrastructure executive director M Gautham Reddy, it might take 3-4 months to finalise the deal. Though the value of acquisition is yet to be finalised, it is expected to be less than $40 million.
He said acquisition of the Australian company would not only result in synergy of operations but also provide Ramky access to high quality technology in the field of environment.
The Ramky group is a multi-disciplinary organisation with focus on the areas of civil, environmental and waste management infrastructure.
