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Mumbai, 19 July 2011 – Varun Beverages (International) Limited (VBIL) has concluded a US$ 56 million private equity financing with Standard Chartered Private Equity Limited (SCPE). The funds would be used to accelerate VBIL’s growth in its beverages business in India USA India , Sri Lanka , Nepal and Morocco
Commenting on the development, Mr Ravi K Jaipuria, Chairman, VBIL, said: “To convert the huge opportunity of growth, penetration and enhanced territories domestically and internationally into reality, we need to build, year after year, large capacities, involving huge capital expenditure. Induction of SCPE in group’s core business of beverage shall help grow this business faster. “
Raj Gandhi President and Group (CFO) on the occasion said: “The business model is now totally hedged through operations at multiple geographies and induction of SCPE provides new opportunity to leverage the financials, expand at much faster pace and bring economies of scale.”
Nainesh Jaisingh, Managing Director and Global Co-Head of SCPE said “We are extremely pleased to partner with the RJ Corp Group. The Group is a long standing client of Standard Chartered Bank and there exists significant overlap between our geographic footprints. With Pepsi’s backing, VBIL is already a leader in the beverage market, and we look forward to a long term association with the Group and the Company.”
Udai Dhawan, Director at SCPE who will be joining the VBIL Board said “The current low per capita consumption of soft drinks in India
Standard Chartered Private Equity Limited (SCPE) is the private equity arm of Standard Chartered Bank and has invested over US $ 2 billion in mid to late stage companies in need of expansion capital or acquisition finance and in management buy-outs.
The beverages operations were first started by the group in the 1960s and are growing rapidly after collaborating with Pepsico since their entry into India
The group’s fastest growing multiple format restaurant business company Devyani International Ltd. partners international brands like Pizza Huts, KFC and Costa Coffee. Outside of India , it has presence in Nepal and Nigeria
The group’s Cream Bell ice cream operations are no more limited to only India Uganda and Kenya Goa . Its ice cream brand Cream Bell has won many awards for its quality and has a large range of exotic products.
The group’s JV with ABInbev to brew beer is also spreading its presence in all the large beer consuming States through its brewing facilities at Hyderabad , Bangalore India
Standard Chartered Bank in India
Standard Chartered Bank is India
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