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Standard Chartered Private Equity Invests INR 2500mn (US$ 45mn) in INOXCVA


22 August 2012, Mumbai / Singapore –Standard Chartered Private Equity (SCPE) has invested  INR  2500mn  (US$  45mn)  for a  minority  stake  in  Inox  India  Limited(INOXCVA), a  leading  global manufacturer of  cryogenic storage  and  transportation equipment.
 
Cryogenic storage  equipment is a  precision  engineering  product used  for storage and distribution of liquefied gases used in industrial applications. The advent of shale gas as a  fuel  source  has  also  resulted  in  strong demand  for cryogenic storage equipment for liquefied  natural gas (LNG)  across the  globe,  especially  in the  US.
INOXCVA, as a top five global player in cryogenic equipment manufacturing, is well placed to leverage these growth opportunities.
 
The Company plans to use the newly injected funds for its organic expansion plans and potential acquisitions.
 
Commenting  on  the  investment,  Siddharth  Jain, Sponsor, INOX  India  Limited, said, “INOXCVA  is the  supplier of choice  for global industrial gas majors and  oil services firms. Over the next few years our aim is to have a significant presence in all major global markets including Europe. Our partnership with Standard Chartered will  help us in  leveraging  the  Bank’s  extensive  reach  and  access  its global  oil  and
gas relationships.”
 
Mukul  Nag, Managing Director, Standard  Chartered Private Equity, said,  “The unprecedented shale gas supplies in the US are driving the use of LNG as a cheap and clean fuel in transportation and industrial applications. We are excited to partner INOXCVA as the Company capitalises on the opportunities presented in the global market and develops into a multi-national corporation.”
 
In  addition  to  Inox, over the  last  18  months,  SCPE  has  invested  in  GMR  Airports, Redington, Varun  Beverages, Greenko, Privi  Organics, Bush  Foods, Innoventive Industries, Karaikal Port and Craftsman Automation in India.
 
Yes Bank acted as the transaction advisor for INOX India Limited. Khaitan & Co. and Wadia Ghandy & Co. were the Legal Advisors for INOXCVA and SCPE respectively. 
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