Standard Chartered Private Equity Ltd. invested US$33 million in Firepro Systems Private Ltd., India's largest fire and electronic safety firm, the companies said Wednesday.
The capital will be used to expand and upgrade Firepro's business, they said. “The infrastructure protection and safety sector is poised for strong growth and we wish to be at the crest of this opportunity,” N.S. Narendra, chairman and managing director of Firepro, said in a statement.
Firepro provides fire protection, electronic security and building management systems to residential, commercial, industrial and infrastructure projects. The company has a strong presence in the Middle East and Australia. It also focuses on applications for the power, oil and gas, and transport sectors. Firepro was advised by Ernst & Young LLP on the transaction.
Standard Chartered Private Equity has invested more than US$1 billion in mid- to late-stage companies and in management buyouts.
Source: WSJ