UTI Ventures invests Rs 32 cr in oil waste management firm

UTI Ventures, a private equity firm has invested Rs 32 crore in Pesco Beam Environmental Solutions, a company involved in waste management with focus on waste oil recycling and recovery and alternate energy systems. SN Rajesh, director, will represent UTI Ventures on the board of Pesco Beam.

Pesco Beam is one of the manufacturers of turnkey skid-mounted waste recovery and recycling plants. It has developed technologies in various environmental fields primarily in the areas of waste management and alternate fuels.

The company is involved in the design, engineering, manufacturing and installation of equipment sub-systems as well as complete turnkey plants for both waste management and alternative fuels industry. According to a statement, the company's order book has a pipeline of $200 million.

Pesco Beam was co-founded by Luke Staengl and A Subramaniam both veterans in the process equipment industry. The company operates out of offices and manufacturing facilities in Virginia and Chennai.

Raja Kumar, CEO & MD, UTI Ventures, said, "As the demand for alternate energy systems and plants for oil recycling industry is on the rise Pesco Beam's global track record will be a huge advantage."