Sembcorp Industries (SCI) today announced that its wholly-owned subsidiary, Sembcorp Environment, has agreed to divest its entire stake in Sembcorp Enviro (India) to Ramky International (Singapore) for $7.25 million.
Sembcorp Enviro (India) is a special purpose vehicle that owns a 51 per cent stake in SembRamky Environmental Management, a medical waste collection and treatment player in India.
The divestment is in line with SCI's efforts to streamline its businesses and sharpen its strategy for the India market.
Completion of the divestment is expected to take place by year end.
The transaction is not expected to have a material impact on the earnings per share and net asset value per share of the group for the financial year ending Dec 31.