Waste Man­age­ment Startup Aspir­ify Ac­quires GET Wa­ter

Deal, first such in the space, is pegged at around .₹ 81 crore

The Economic Times - - Companies: Pursuit Of Profit - Ra­chita.Prasad @times­group.com

Mum­bai: Pune-based waste­m­an­age­ment com­pany Aspir­ify En­ergy ac­quired GET Wa­ter So­lu­tions, a wa­ter-treat­ment-so­lu­tions firm backed by Clear­wa­ter Cap­i­tal. The deal, es­ti­mated to be worth $8-12 mil­lion (`54-81 crore) in­clud­ing fresh in­vest­ments, is the first such trans­ac­tion in this space in In­dia.

Kolte-Patil De­vel­op­ers’ for­mer chief ex­ec­u­tive Su­jay Kalele and Pune-based in­dus­tri­al­ist Sri- chand Aswani launched Aspir­ify En­ergy in June 2016 to tap the busi­ness po­ten­tial cre­ated by the gov­ern­ment’s Swachh Bharat and smart city pro­grammes. The com­pany is ex­e­cut­ing a solid­waste-man­age­ment project for the Pune Mu­nic­i­pal Cor­po­ra­tion and the ac­qui­si­tion will give it ac­cess to the in­dus­trial-waste man­age­ment space. “We want to ex­pand in the liq­uid waste-man­age­ment seg­ment as the Swachh Bharat and Clean Ganga mis­sions of­fer good op­por­tu­ni­ties. With this aim, we have ac­quired GET Wa­ter which is among the few firms in In­dia that have ex­e­cuted in­dus­trial-liq­uid-dis­charge projects,” Kalele, who is the man­ag­ing di­rec­tor of Aspir­ify, told ET. GET Wa­ter was owned by Clear­wa­ter Cap­i­tal and now it has been fully ac­quired by the Pune startup. Ac­cord­ing to sources close to the de­vel­op­ment, the deal value in­cludes a com­bi­na­tion of sec­ondary share sale, in­fu­sion of cap­i­tal into the com­pany and fur­ther com­mit­ment of growth cap­i­tal sub­ject to mile­stones.

“We can­not dis­close the deal size but it is a size­able deal con­sid­er­ing GET’s turnover last year was $3 mil­lion. We plan to in­vest $3-5 mil­lion more for the growth of the com­pany,” Kalele said.

GET Wa­ter has15 years of ex­pe­ri­ence, pri­mar­ily in in­dus­tri­al­waste man­age­ment, mostly in south In­dia. The ac­quirer is up­beat on this busi­ness as the gov­ern­ment makes en­vi­ron­ment and emis­sion rules stricter.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.