Oman PE firm picks up stake in Stanley Lifestyles for $24 million

The leather manufacturer is likely to use the fund to fuel its growth in India and set up stores overseas

private equity, savings
Representative image

Stanley Lifestyles, a Bengaluru-based leather manufacturer, closed its first round of private equity funding with $24 million (Rs 1.7 billion) for a 26 per cent stake sale to Oman India Joint Investment Fund (OIJIF).  OIJIF is backed by Oman’s sovereign wealth fund State General Reserve Fund and the State Bank of India, and has closed $250 million for its second fund. Prior investments include stakes in NCDEX, ING Vysya Bank, Annapurna Finance, and GSP Crop Science. Investments typically range between Rs 1 billion and Rs 2 billion.   Sunil Suresh-led ...