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INOXCVA Investor Eyes Opportunities- 8/24/2012
Standard Chartered Private Equity invested $45 million for a minority stake in Inox India Limited (INOXCVA).
Cryogenic storage equipment is a precision engineering product used for storage and distribution of liquefied gases used in industrial applications. The advent of shale gas as a fuel source has also resulted in strong demand for cryogenic storage equipment for liquefied natural gas (LNG) across the globe, especially in the US. INOXCVA, as a top five global player in cryogenic equipment manufacturing, is well placed to leverage these growth opportunities.
The Company plans to use the newly injected funds for its organic expansion plans and potential acquisitions.
Commenting on the investment, Siddharth Jain, Sponsor, INOX India Limited, said, “INOXCVA is the supplier of choice for global industrial gas majors and oil services firms. Over the next few years our aim is to have a significant presence in all major global markets.”
Mukul Nag, Managing Director, Standard Chartered Private Equity, 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. We are excited to partner INOXCVA as the Company capitalises on the opportunities presented in the global market and develops into a multi-national corporation.”