Standard Chartered Plc said on Thursday its private equity arm would invest $50 million in an Indian power generating equipment maker, which has potential in electricity deficient India.
The investment will give it a 10-15 percent holding in Powerica Ltd, Nainesh Jaisingh, managing director of Standard Chartered Private Equity, said.
Powerica Managing Director Naresh Oberoi said the cash would be used to build an integrated generating set making facility near Mumbai and for upgrading existing facilities. (Reuters)