Standard Chartered Private Equity today said it has invested $32 million or around Rs 165 crore in Varun Beverages (International), the largest bottler for PepsiCo in South Asia. This is a follow-on investment by the foreign bank's private equity division in the company.
Varun Beverages plans to use these funds for the buyout of Pepsi's minority stake in its subsidiary. Standard Chartered Private Equity had invested $48 million or Rs 250 crore in the company in July, 2011 to accelerate the company's growth in beverages business in India and overseas.
"Broadening of the company's capital base shall enable the company to implement its capital expenditure plans, enhance capacities and penetrate new geographies," Ravi Jaipuria, chairman of Varun Beverages, said in a statement announcing the deal.
The company is currently engaged in the business of bottling, distribution and marketing of beverages, sold under the trademarks owned by PepsiCo Inc, USA. Varun Beverages and its subsidiaries operate in India, Sri Lanka, Nepal and Morocco.
Over the last 18 months, Standard Chartered Private Equity has invested in GMR Airports, Redington, Greenko, Privi Organics, Bush Foods, Innoventive Industries, Karaikal Port, Craftsman Automation and INOX in India.
