Standard Chartered PE invests $32m in Varun Beverages
Varun Beverages International (VBIL), the largest bottler for PepsiCo in South Asia, has received a $32m (INR1.68bn) investment from Standard Chartered Private Equity (SCPE).
VBIL intends to use the funds to acquire Pepsi's minority stake in its subsidiary Varun Beverages Limited (VBL).
Once the transaction is over, the company's Indian beverage business will be integrated with VBIL.
This is a follow-on investment of Standard Chartered Private Equity in VBIL, wherein it had pumped in $48m (INR2.5bn) in July 2011 to speed up the company's growth in its beverages business in India and overseas.
VBIL chairman Ravi Jaipuria, commenting on the investment, said: "Broadening of the company's capital base will enable the company to implement its capital expenditure plans, enhance capacities and penetrate new geographies."
VBIL was incorporated in 1995 and is based in Gurgaon, India with additional offices in Sri Lanka, Nepal, Mozambique, Zambia and Morocco.
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