Standard Chartered Pours $18.5M Into Privi

Standard Chartered Private Equity has invested 850 million rupees ($18.9 million) in Indian chemical manufacturer Privi Organics Ltd., Reuters reported. The money will be used to fund expansion of Privi’s manufacturing facilities.

(Reuters) – Standard Chartered Private Equity, a unit of Standard Chartered Plc (STAN.L), said on Wednesday it has invested 850 million rupees ($18.9 million) in unlisted Indian chemical manufacturing firm Privi Organics Ltd.

The funds will part finance Privi’s manufacturing facilities expansion, StanChart’s private equity unit said in a statement.

Private equity investment in India nearly doubled last year to about $8 billion, according to Venture Intelligence, a research firm. ($1=45 rupees) (Reporting by Indulal P.M.; editing by Malini Menon)