The Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia) has invested INR1.4 billion ($30 million; €21 million) in Ramky Enviro Engineers, an Indian waste management company.
The investment takes the form of convertible instrument which will be converted into equity based on the company's future performance, according to Standard Chartered.
Ramky Enviro Engineers is focused on industrial, municipal and bio-medical waste management. It operates across India, West Asia and Singapore.
The investment will be used for the company’s expansion purposes as well as to fund its new projects, the company said.
SCI Asia fund held its second close on $601 million in March. The fund is targeting a final close on $800 million this September.
The fund invests in China, India and Southeast Asia across traditional infrastructure sectors such as toll roads, power plants and power distribution. Its previous investments include Chinese power producer Meiya Power Company and Malaysian power company Malakoff.
Standard Chartered and Indian company Infrastructure Leasing & Financial Services are the fund’s co-sponsors and have committed a total of $300 million to the fund.