Mumbai: The private equity arm of British banking major Standard Chartered on Wednesday said it has invested Rs 250 crore in cyrogenic storage and transport equipment manufacturer Inox India.

Standard Chartered Private Equity (SCPE) has picked up a minority stake in the company and the infusion will be deployed for both organic growth as well as potential acquisitions, it said in a statement here.

The statement, however, was silent on the exact stake picked up by the SCPE.

The advent of shale gas exploration has increased the demand for cryogenic storage equipment, a precision engineering product used for storage and distribution of liquefied gases used in industrial applications, the statement said.

"The unprecedented shale gas supplies in the US are driving the use of LNG as a cheap and clean fuel in transportation and industrial applications," SCPE's Managing Director Mukul Nag said.

Yes Bank acted as the transaction advisor for Inox India while Khaitan and Company and Wadia Ghandy and Company were the legal advisors for Inox and SCPE, respectively, it added.

SCPE, which invests USD 20 million to USD 100 million in mid to late stage companies, has earlier invested in GMR Airports, Redington, Varun Beverages, Greenko, Privi Organics, Bush Foods, Innoventive Industries, Karaikal Port and Craftsman Automation, it added.

(Agencies)

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