Edited Extracts from Press Release:
Standard Chartered Private Equity (“SCPE”) has invested Rs. 460 million in Innoventive Industries Limited,(“Company”) a multi-product engineering company based in Pune, India. The investment includes a primary infusion of Rs. 304 Million into the Company as part of the Pre-IPO investment. This funding will part finance the expansion of the Company’s existing precision steel tube manufacturing facilities at Pune. With this investment, SCPE’s equity stake in Innoventive Industries Limited will be 10.14 percent.
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 find application in diverse industrial sectors including transportation, oil & gas, power, farm equipments and general engineering.
Rahul Raisurana, Managing Director, Standard Chartered Private Equity, said, "We are delighted to invest in Innoventive Industries Limited. 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."
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