British banking giant Standard Chartered's private equity arm today said it has invested Rs 85 crore in aroma chemicals manufacturer Privi Organics.
The infusion will be used to expand Privi's manufacturing facility at Mahad in Maharashtra and support 'key backward integration projects', a release issued here by Standard Chartered Private Equity (SCPE) said.
However, it did not elaborate on the planned backward integration by the company, nor did it disclose the exact amount of stake picked up which can help ascertain the total company valuation.
Privi exports its products to over 25 countries, supplying to several of the world's largest fragrance and flavours companies, the release added.
Privi's strong chemistry skills and quality manufacturing strengths attracted the fund to invest in the company, apart from sectoral advantages, said SCPE Managing Director Rahul Raisurana.
