- To expand its product offerings in the waste water treatment and recycling solutions
- To complete acquisition by 31 March 2022
Hyderabad : Banka Bioloo Ltd., (BANKA: NSE) India’s leading sustainable sanitation solutions company, today announced that it has received approval from the board to acquire Enzotech Solutions Pvt. Ltd, Chennai-based water treatment and recycling solutions company. The acquisition will help the Company offer a full suite of products and services for wastewater infrastructure in EPC (Engineering, Procurement, and Construction), and re-engineering projects with long-term operation & maintenance contracts.
The acquisition is a 100% all-stock deal, wherein the Company will acquire 100% of Enzotech in exchange for new shares worth INR 43 million. The Company will finance future cashflows through internal accruals and cash balances. This acquisition is in line with the Company’s strategy to introduce new products and services for wastewater businesses to cater to the urban demand across residential, commercial, and industrial applications.
On this occasion, Mrs. Namita Banka, Managing Director, Banka Bioloo, said: “We warmly welcome all the employees of Enzotech Solutions Pvt. Ltd, to our group, and look forward to working together. Water and wastewater management is fast becoming a major challenge for the government, society at large and is further propelled by the growing awareness and need for proper hygiene and sustainable sanitation solutions. More so, this is a fundamental environmental concern as well.”
Vishal Murarka, CEO, Banka Bioloo, said, “CPCB (Central Pollution Control Board) report depicts that existing wastewater infrastructure treats only 21% of the generated wastewater, and untreated wastewater is a major source of pollution for our water bodies and India lost more than 73 million man-days due to water-borne diseases. We believe that demand for product and services in this segment will grow exponentially, and Enzotech acquisition will help us augment our capabilities to effectively address this market, and we all are excited about this opportunity.”