The Chennai-based Ram Charan company has signed an agreement with Ghana-based Masri Company, which is in the power sector, to supply it with units that convert waste to energy with the potential to generate 300 MW of power across the country. This deal is valued at $2.2 billion, says a release from Ram Charan.
Last month, the New York-based impact fund TFCC International had entered into an agreement with Ram Charan to pick up a 46 per cent stake for USD 4.14 billion, valuing it at around USD 9 billion.
The execution of the deal is expected to commence in November 2022, with the setting up of units across Ghana over two years. The agreement and delivery of waste to energy services will be executed under the brand name ‘Entity One’.
The deal was the biggest in the domestic chemicals space and one of the biggest private equity deals across the industry in the country to date and it said the TFCC investment will go into developing new energy management systems and manufacturing renewable energy devices with high storage capacity made from sodium silicate.
“We’ve bagged a USD 2.2-billion order Masri Company from Ghana, which is working in the energy and mostly renewable energy space and this is their first foray into the waste to the energy business,” Kaushik Palicha, a director and part of the promoter family of Ram Charan, said
“This is our first agreement to supply waste to energy units and this USD 2.2 billion order goes well with our overall mission of processing bulk waste to energy without leaving behind any residue,” Palicha said.
“We are confident that our waste to energy products and new generation energy storage devices will help the environment of Ghana in a significant manner,” he added.
Ram Charan’s waste to energy technology allows for zero toxic residues and can be used to convert all types of unsegregated waste into energy, with zero residues to the environment, making it the first of its kind globally and also the safest.
Ram Charan started off as a chemical distributor in 1965, and from 2016 it has moved into research on managing end-of-life chemicals, and since then has developed products that can process large quantities of unsegregated waste.