Singapore’s Blue Planet Environmental Solutions Pte. Ltd has acquired Globecycle Holding Sdn. Bhd. (Globecycle), a Malaysian company that specializes in handling industrial waste, for an undisclosed sum, according to an announcement.
This acquisition marks Blue Planet’s foray into Malaysia and adds to its portfolio a sustainable solution to manage both hazardous and non-hazardous industrial waste.
Founded in 2017, Blue Planet is a sustainable waste management solutions enterprise with operational footprint across Singapore, India, Vietnam and the United Kingdom.
“With this new acquisition, Blue Planet will be able to leverage the expertise of the Globecycle team to provide a way to process industrial waste in an environmentally secure way,” said Madhujeet Chimni, founder and chairman, Blue Planet.
The acquisition also helps further the ambitions of Blue Planet’s key investors, including the Neev Fund, to achieve long-standing capital appreciation by promoting sustainable models of development to focus on low income states in India.
Headquartered in Penang, Malaysia, Globecycle is one of the country’s largest waste management companies with fully integrated facilities to handle and process industrial waste. The company was the second in Malaysia to procure an integrated secure landfill permit.
“By working together with Blue Planet, we hope to scale-up our operations and play a critical role in transforming the waste landscape in Asia,” said Cody Tan, Managing Director, Globecycle.
Most recently, Blue Planet acquired British electronic waste (e-waste) technology company Smart Creative Technologies Ltd to help expand its e-waste processing capabilities in Asia.
Earlier, it raised an undisclosed sum from Malaysian private equity firm OSK Ventures International Berhad.