Standard Chartered Private Equity has concluded a $32-million (Rs 168 crore) follow-on investment in Varun Beverages International Ltd, the largest bottler for PepsiCo in South Asia.
The company plans to use the newly injected funds for the buyout of Pepsi’s minority stake in its subsidiary Varun Beverages Ltd (VBL).
Post the buyout, the company’s Indian beverage business will be consolidated into Varun Beverages International, the company said in a statement.
Broadening capital base
Standard Chartered Private Equity had previously invested $48 million (Rs 252 crore) in Varun Beverages International in July last year to accelerate the company’s growth in its beverages business in India and overseas.
Ravi Jaipuria, Chairman, Varun Beverages International VBIL, said: “Broadening of the company’s capital base will enable the company to implement its capital expenditure plans, enhance capacities and penetrate new geographies.”
Other investments
In addition to Varun Beverages International, over the last 18 months, Standard Chartered Private Equity India has invested in GMR Airports, Redington, Greenko, Privi Organics, Bush Foods, Innoventive Industries, Karaikal Port, Craftsman Automation, and Inox India.
Source: Business Line