Nova Austral private equity parent Altor Funds, which co-owns the company with US-based Bain Capital, has no plans to offload the assets for the time being but is determined to correct the company's "unacceptable" breach of environmental social governance (ESG) guidelines.

“We, of course, do not accept any breach of ESG in our companies,” Hugo Maurstad, a partner at Altor and advisor to Nova Austral’s board, told IntraFish.

“Once brought to our attention, we will always make sure corrective measures are taken.