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Standard Chartered Private Equity (SCPE) has invested Rs. 250 crore ($45 million) in Vadodara-based Inox India (INOXCVA), a manufacturer of cryogenic storage and transportation equipment.
Khaitan & Co advised Inox with a team led by Partner Haigreve Khaitan and Aakash Choubey.
Wadia Ghandy & Co. advised Standard Chartered PE with a team led by Partners Ankit Majmudar and Xerxes Antia.
Dealcurry reports, the funds will be used for its organic expansion plans and potential acquisitions.
Established in 1992, INOX India is part of the INOX Group, which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment.
Inox India manufactures cryogenic liquid storage and transport tanks. It has three ultra modern facilities at Kalol, near Vadodara, Kandla, Ghandhidham, which is a port side SEZ, and Silvassa. It has a manufacturing presence in India, USA, China and Brazil. Its products are exported to over 100 countries.
According to VCCircle, this is Standard Chartered PE’s third investment in the past two months and the second in engineering space. Earlier this month, it invested $15.3 million in IFC-backed Craftsman Automation, a multi-product light engineering company.