Reuters) – Morgan Stanley’s private equity unit said on Tuesday it had invested 1.82 billion rupees ($37.5 million) in unlisted Indian castor oil maker Biotor Industries, to mark its first private equity investment in India.
Morgan Stanley, which raised $1.5 billion for an Asia dedicated fund last year, said it would get a “significant minority” stake for its investment.
“We are pleased to be making our first investment in India,” Chin Chou, managing director and head of Morgan Stanley Private Equity Asia, said in a statement.
The company expects to deploy a significant amount of the Asia fund in India in the next two years, he added.
Biotor is a manufacturer of castor oils and castor derivatives with operations ranging from contract farming of castor seeds to wholly owned retail operations in Europe and the United States, Morgan Stanley said. ($1=48.5 rupees) (Reporting by Narayanan Somasundaram; Editing by Charlotte Cooper)