StanChart invests $33m in Indian safety company

The investment in Firepro Systems gives the private equity arm of Standard Chartered Bank two board seats.

Standard Chartered Private Equity has invested INR1.5 billion ($32 million; €22 million) for an undisclosed size stake in Firepro Systems, an Indian fire and electronic safety solutions provider.

The investment gives Nainesh Jaisingh and Dhiraj Poddar, respectively the India head and a director at Standard Chartered Private Equity, seats on the company's board.

Bangalore-headquartered Firepro offers fire protection, electronic security and building management systems to residential, commercial, industrial and infrastructure projects. The company has offices in Chennai, Hyderabad, Singapore, Melbourne and Dubai.

The capital will be used to enhance Firepro’s delivery capability as the company focuses on opportunities in the infrastructure protection and safety sectors, NS Narendra, Firepro’s chairman and managing director, said in a statement.

In November, Standard Chartered Private Equity invested INR500 million for an undisclosed stake in Indian agrochemical company PI Industries. The month before, one of the firm’s portfolio companies, Man Infraconstruction, filed a draft initial public offering prospectus with the Securities and Exchange Board of India. The company plans to raise INR1.5 billion through a new issue of shares, which would dilute the stake held by the firm. 

Standard Chartered Private Equity makes investments from its balance sheet. It has invested more than $1 billion in mid- to late-stage companies in need of expansion capital or acquisition finance and in management buyouts in Greater China, India, Korea and Southeast Asia.