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Standard Chartered Private Equity (SCPE) on Wednesday said that it has invested Rs 85 crore in Privi Organics Ltd, a leading aroma chemical manufacturer and exporter.
This funding will part-finance the growth plans of the company's business through expansion of manufacturing facilities at Mahad, Maharashtra, and also support key backward integration projects, SCPE said in a statement.
This is the second investment for Standard Chartered Private Equity this calendar year. SCPE had last month announced investment of Rs 46 crore in Pune-based Innoventive Industries, a multi-product engineering company.
Privi Organics exports its products to over 25 countries and is a key supplier to several of the world's largest fragrance and flavours companies.
“The aroma chemicals space presents significant opportunities for Indian companies, as India emerges as a key manufacturing centre for aromatic and speciality chemicals. We have found Privi Organics to be the right partner because of its strong chemistry skills and quality manufacturing strengths that are well recognised by its global customer base,” Mr Rahul Raisurana, Managing Director, SCPE, said.
Mr Mahesh Babani, Managing Director, Privi Organics, said that the company was at an inflection point as it builds on its leadership position among aromatic chemical companies globally. “We are delighted to have Standard Chartered Private Equity as an investor at this stage of our growth,” he added.
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