StanChart arm invests Rs 150 cr in tech firm

Standard Chartered Private Equity (SCPE) has made a Rs 150 crore ($33 million) investment in Aurangabad-based Endurance Technologies Pvt Ltd, a leading auto component company.

This is SCPE's sixth investment in India-based companies KPMG acted as financial advisors to Endurance Tech.

Consequent to the investment, Nainesh Jaisingh, India Head, SCPE, has been inducted on the board of Endurance.

"Endurance has built a great business franchise by assembling a first class management team and aggressively chasing growth opportunities globally. We are convinced that Endurance is well poised to grow and become one of the leading auto components companies out of Asia," said Jaisingh. Endurance, which has a turnover of $200 million, is into aluminum die cast auto components, suspension systems, transmission systems, braking systems and alloy wheels.

Jaisingh said the company was expanding its capacities, and pursuing acquisitions in Europe and the US, in its various product categories.

SCPE had earlier made investments in a cross-sector of industries ranging from IT/BPO (i-Flex and Sutherland Global), pharmaceutical (Aurobindo Pharma), infrastructure (Punj Lloyd) and shipping (ABG Shipyard). He said SCPE was in discussions with several other Indian companies for private equity investment.

Anurang Jain, managing director of Endurance, said the funding the company received from SCPE was not only an endorsement of Endurance as a leader in the auto components space, but also puts it in a strong position to rapidly capture the global market opportunity in this sector.