EverEnviro acquires IL&FS Enviro Business

India’s premier municipal solid waste management company

Mumbai, Wednesday, April 07, 2021: EverEnviro Resource Management Pvt. Ltd. (EverEnviro), a 100% owned subsidiary of the Green Growth Equity Fund (GGEF), India’s leading climate fund, managed by EverSource Capital, announced today that it has acquired 100% of IL&FS Environmental Infrastructure & Services Limited (IEISL), one of India’s leading integrated waste management companies.

This is one of the largest acquisitions in municipal solid waste management (MSW) in India and includes the assets of IEISL’s subsidiaries namely RDF Power Projects Limited (RDFPPL), East Delhi Waste Processing Company Limited (EDWPCL), Swayam Swachatta Initiative Limited (SSIL), Dakshin Dilli Swachh Initiatives Limited (DDSIL) and Kanak Resources Management Limited (KRML). IEISL currently manages over 8400 tonnes per day (TPD) of waste.

The business includes

• India’s first state-of-the-art facility and Euro norms compliant integrated waste to energy
  plant located at Ghazipur in Delhi, which has generated over 141 million units of green
  electricity by processing over 1.38 million tons of solid waste. The plant will mitigate 8.2
  million tons of greenhouse gases over the life of the project
• Pioneering Construction & Demolition (C&D) waste recycling facilities which have processed
  over 6 million tons of C&D waste
• Collection & Transportation contracts deploying over 800 vehicles located in Delhi,
  Ahmedabad, and Washim (Maharashtra)
• The largest organic MSW to Bio-CNG project in Indore of 500 TPD

Sharing his views on the acquisition, Parvez Umrigar, MD & CEO, EverEnviro, said “This is a landmark investment for EverEnviro which will pave the way for us to become a leading pan India integrated waste management platform. We are delighted to acquire one of India’s oldest and well diversified waste management companies with high quality talent. Solid Waste management is an integral element of modern society and with this acquisition, Ever Enviro aims to be the leader in this segment in India.”

On this acquisition by EverEnviro, Dhanpal Jhaveri, CEO, EverSource Capital, said “Waste management is a key element of a circular economy and forms a core of our investment strategy at EverSource Capital. This acquisition accelerates our agenda of promoting and investing in clean and sustainable businesses in India so as to achieve India’s climate objectives and Sustainable Development Goals and contribute to the Government’s vision of sustainable development through schemes like Swachh Bharat Mission and Sustainable Alternative Towards Affordable Transportation (SATAT).”

About EverEnviro Resource Management Private Limited EverEnviro Resource Management Private Limited (EverEnviro) is a waste management platform set up by Green Growth Equity Fund (GGEF) in 2019. EverEnviro aims to be a market leader in various types of waste management businesses such as urban municipal waste (MSW), hazardous waste, industrial waste, and e-waste with plans to implement leading waste management technologies and leverage the power of IoT and other Industry 4.0 technologies for increasing efficiencies. The initial focus is on MSW with a target to buy assets / build projects in areas such as Land Remediation, Collection & Transportation, Construction & Demolition, Waste to Energy, Bio-CNG, and Dry Waste Processing.

EverEnviro is a 100% subsidiary of the Green Growth Equity Fund (“GGEF”), India’s leading Climate fund, managed by EverSource Capital, with cornerstone investments from India’s National Investment and Infrastructure Fund (“NIIF”) and Foreign, Commonwealth and Development Office ("FCDO") of the UK government.

EverSource Capital is a 50:50 joint venture between Everstone Capital, one of Asia’s premier multiasset investment firms, and Lightsource bp, a global leader in renewables, with a global portfolio of more than 21 GW under development, construction, and operation.

For media queries:
Karan Anand
+91 9833373732
kanand@everstonecapital.com