IT solutions provider Cerebra Integrated Technologies today said it has signed an agreement to acquire e-waste recycling firm Cimelia Resource Recovery for $20 million (about Rs 110 crore).
In a filing to BSE, Cerebra said that it has “signed a share purchase agreement with Singapore-based Enviro-Hub Holdings Ltd to acquire 100 per cent of its wholly-owned subsidiary Cimelia Resource Recovery Pte Ltd. Cerebra will be investing approximately $20 million for the proposed acquisition“.
Grant Thornton India was the integrated financial adviser and Singapore-based Dacheng Wong Alliance was the integrated legal adviser for this deal, it added.
Through this deal, Cerebra aims to acquire technology, know-how and international expertise that Cimelia has garnered over about nine years in the e-waste management industry.
Cimelia will also bring with it a strong client relationship with global giants, it said.
“We will be amongst the first global Indian MNC in this sector with one of the finest e-waste facilities in the world at Singapore. This acquisition will also help us to build one of the largest facilities in Bangalore,” Cerebra Managing Director V Ranganathan noted.
The proposed plant will be set up with an investment of $10 million (about Rs 55 crore) at Bangalore. E-waste will be processed at this proposed end-to-end integrated e-cycling plant spread over approx 1 lakh sq feet, the filing said.
Globally, the e-waste recycling industry is estimated to be around $20 billion. It is one of the fastest growing industries worldwide.
E-waste recycling market in India is estimated at $ 2 billion. India generates 2.5 million tonnes of waste annually, while Bangalore generates about 75,000 of e-waste per year and Mumbai over 82,000 tonnes a year.
Cerebra is a global services provider delivering business solutions. It has a manufacturing facility in Peenya and ITeS division in Yeshwanthpur, Bangalore.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.