Standard Chartered Private Equity has invested $33 million (€25.7m) in Endurance Technologies, an Indian auto component maker. Nainesh Jaisingh, India head of the Standard Chartered unit, will join the board of Endurance, according to a statement.
The deal marks Standard Chartered’s “sixth investment in India-based companies, and the 17th investment for our fund,” Karam Butalia, global head of buyout arm said.
Endurance’s core businesses are in aluminium die cast auto components, alloy wheels, suspension, transmission and braking systems.
It has of revenues in excess of $200 million, and growth of almost 50 percent per annum over the last five years.
Earlier in August, Standard Chartered invested $46m for a 3.6 percent stake in Singapore-listed Wilmar Holdings, a large palm oil business group.
Established in 2002 with a $500 million allocation from the bank, the team invests in mid to late-stage companies in need of expansion capital.