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Standard Chartered Private Equity said on Tuesday that it has made an investment of Rs 46 crore in Innoventive Industries, a multi product engineering company based in Pune.
The investment includes a primary infusion of Rs 30 crore into the company as a part of the pre IPO investment.
This funding will part finance the expansion of the company’s existing precision steel tube manufacturing facilities in Pune. With this investment, SCPE’s equity stake in Innoventive Industries will be 10.14 per cent, the company said in a statement.
Standard Chartered Private Equity’s Managing Director, Mr Rahul Raisurana, said, “The precision tubes, tubular products and related spaces present significant growth prospects. We have found Innoventive Industries to be the right partner because of its focus on product and process, a key differentiator for the company.”
Innoventive is a multi product engineering company focused on precision steel tubes and value added steel products (including boiler steel strips) and oil well couplings (through its subsidiary).
The company’s product range finds application in diverse industrial sectors including transportation, oil and gas, power, farm equipments and general engineering.
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