Standard Chartered Buys Doosan Industrial

Standard Chartered Private Equity has taken a 49% interest in South Korea’s largest forklift maker, Doosan Industrial Vehicle, Reuters reported Thursday. Terms of the deal were not released. Standard Chartered Private Equity said it planned to expand Doosan’s presence in emerging markets.

(Reuters) – Standard Chartered Private Equity (SCPE) said on Thursday that it has acquired a 49 percent stake in South Korea’s largest forklift maker, Doosan Industrial Vehicle, for an undisclosed amount.

The forklift unit was a spin-off of construction equipment maker Doosan Infracore Co Ltd , and had been the country’s No.1 forklift maker for the past 10 years, according to the release.

SCPE, the private equity unit of Standard Chartered Plc , said it planned to expand Doosan Industrial’s presence in emerging markets in Southeast Asia, India, the Middle East and Africa. (Reporting by Stephen Aldred; Editing by Chris Lewis)