Global investment firm KKR announced the completion of its previously announced acquisition of Ramky Enviro Engineers Limited (REEL), a provider of environmental services and solutions in India and overseas.

Under the terms of the transaction, KKR has acquired a 60 percent stake in REEL for approximately $510 million via a combination of primary and secondary investments. In addition to investing in REEL from its KKR Asian Fund III, the investment is part of KKR’s Global Impact strategy, which is focused on identifying and investing behind businesses with positive social or environmental impact that measurably contribute solutions to one or more of the United Nations Sustainable Development Goals.

“India is home to some of the world’s most pressing waste management needs, and REEL has an important role to play in providing critical solutions to communities across the country,” said M. Goutham Reddy, managing director and CEO of REEL, in a statement. “KKR’s expertise in environmental issue management, extensive global and local resources and aligned vision to enact positive change makes KKR the ideal partner to help us keep pace with the environmental challenges facing our society and provide impactful solutions. We are off to a great start with multiple strong hires added to the management team and process enhancements work to better our ESG efforts.”

Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful environmental, social and governance management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018. KKR’s Impact strategy and investment in REEL will build on this experience.

“Supporting promising companies that offer solutions to global challenges in areas such as the environment, health and human capital has become an increasingly important focus for KKR worldwide,” said Rupen Jhaveri, managing director at KKR, in a statement. “REEL is exemplary in being a comprehensive environmental management company whose work supports the Swachh Bharat (Clean India) Mission to reduce pollution and improve critical sanitation infrastructure nationwide. We are confident that, with our industry experience and resources, REEL will be better positioned to achieve its social mission over the long term.”