Private equity firm KKR & Co on Sunday said it would buy a 60 percent stake in environmental solution provider Ramky Enviro Engineers for about $530 million via a combination of primary and secondary investments.

The primary cash infusion into the company and purchase of shares from existing shareholders valued Ramky at $925 million, the companies said in a joint statement.

This is the largest buyout by a private equity firm in India’s environmental services sector. As on June 30, KKR’s assets under management stood at a little over $191 billion.

The deal comes as Prime Minister Narendra Modi’s administration enhances its focus on environmental management through the Swachh Bharat (Clean India) Mission, an initiative to reduce pollution and improve critical sanitation infrastructure to boost living standards in cities, towns and rural villages nationwide.

Hyderabad-based Ramky offers services such as management, collection, transport and processing of hazardous, municipal, biomedical and e-waste, as well as the recycling of paper, plastic and chemicals. It has a presence in over 60 locations across 20 Indian states, as well as in certain Southeast Asian, Middle Eastern and African markets.

"Ramky Enviro Engineers’ work uniquely supports the Swachh Bharat Mission, and our team is pleased to invest in the growth of a company that provides critical services and infrastructure to reduce pollution and address the needs of India’s expanding urban population,” Sanjay Nayar, CEO of KKR India said in a statement.

Barclays and EY are acting as Ramky and KKR’s M&A advisors, respectively.