Blue Planet acquires Pune waste processing firm Xeon

Blue Planet Environmental Solutions Pvt. Ltd, a Singapore-based waste management company backed by private equity firm Neev Fund, has acquired a Pune-based waste processing firm.

Without disclosing the financial transaction details, the company said Xeon’s technology complements Blue Planet’s core business strategy in adopting a bottom-line approach focused on people, prosperity and the planet. Blue Planet co-founder Madhujeet Chimni said that the company was looking to provide economically attractive and environmentally beneficial waste management solutions.

Xeon founder Vishal Khalde said, “The acquisition would help it provide its technological solutions to a larger set of clients. The company’s proprietary technologies include EnergyBin, a customisable standalone unit that can process between 100 kilogrammes and five tones of organic waste a day. Xeon’s customers include Tata Consultancy Services Ltd, Reliance Industries Ltd and the Kathmandu Municipal Corporation.

As part of the acquisition, Blue Planet will also help Xeon expand its operations in Southeast Asia including markets such as Malaysia, Vietnam and Singapore. In November last year, the firm raised funding from Neev Fund, which is backed by the State Bank of India and the United Kingdom’s Department for International Development. That investment came around a month-and-a-half after Blue Planet acquired the Pune-based Rudra Environmental Solution (India) Ltd.

Neev Fund is an infrastructure focused PE firm that was established in 2015. Its mandate is to invest in low-income and developing states such as Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, Uttar Pradesh and West Bengal. The fund is managed by SBICAP Ventures Ltd, a unit of SBI.