Standard Chartered Plc said Thursday it invested INR500 million in Indian agri-input and fine chemicals company PI Industries Ltd, through its units including Standard Chartered Private Equity.
“Both the domestic agri-inputs space and the Contract Research and Manufacturing Services sector offer solid prospects for Indian companies,” Rahul Raisurana, Managing Director, Standard Chartered Private Equity said in a statement.
The investment is in the form of convertible preference shares and debentures, Standard Chartered said.
PI Industries will use the funds to partially finance the expansion of its existing facilities and set up a new manufacturing facility in Gujarat.
The company operates in the agri-input industry and primarily deals in agrochemicals, seeds and specialty fertilizers. It also has a fine-chemicals business that focuses on contract research and manufacturing services.