Stanchart backs Indian construction company

Standard Chartered Private Equity says its investment in Man Infraconstruction will help it scale up its business.

The private equity arm of Standard Chartered has invested an undisclosed sum into Man Infraconstruction, an Indian construction company. The bank declined to disclose further details.

Based in Mumbai, Man Infraconstruction provides construction services in infrastructure, primarily ports, industrial structures, residential and commercial real estate. The company has implemented projects for port operators Maersk and DP World.

The investment will be used in the expansion of Man Infraconstruction’s business, Parag Shah, managing director of the company, said in a statement.

In February, Standard Chartered Private Equity, also known as Standchart, invested up to A$80 million ($57 million; €43 million) in Straits Resources, a Perth-based mine developer and operator.

The firm usually invests between $10 million and $50 million per deal across a range of industries, focusing on mid- to late-stage companies and management buyouts across a range of industries. It targets businesses based and operating in Greater China, Korea, Southeast Asia and India.

Standard Chartered Private Equity did not respond to requests for comment by press time.