Standard Chartered Private Equity (SCPE) has concluded a $32-million (Rs 165-crore) follow-on investment in Varun Beverages (International) Ltd (VBIL), the largest bottler for PepsiCo in South Asia.
The company plans to use the newly injected funds for the buyout of Pepsi’s minority stake in its subsidiary, Varun Beverages Ltd (VBL). Post the buyout, the company’s Indian beverage business will be consolidated into VBIL, the company said in a statement.
SCPE had previously invested $48 million (Rs 250 crore) in VBIL in July 2011 to accelerate the company’s growth in its beverages business in India and overseas.
Ravi Jaipuria, Chairman, VBIL, said, “Broadening of the company’s capital base will enable the company to implement its capex plans, enhance capacities and penetrate new geographies.”
In addition to VBIL, over the last 18 months, SCPE India has invested in GMR Airports, Redington, Greenko, Privi Organics, Bush Foods, Innoventive Industries, Karaikal Port, Craftsman Automation, and INOX India.