FOX BUSINESS
Standard Chartered Private Equity, a unit of Standard Chartered PLC (STAN.LN), said Monday it has made a $32 million follow-on investment in Varun Beverages (International) Ltd., the largest bottler for PepsiCo Inc. (PEP) in South Asia.
Varun Beverages plans to use the fund to buy out PepsiCo’s minority stake in the bottling company’s Indian unit, a press release from Standard Chartered said.
The unit will then be merged with Varun Beverages (International). Details on PepsiCo’s stake in Varun Beverages weren’t available.
The British bank’s private-equity unit had invested $48 million in Varun Beverages in July 2011, the press release added.
Varun Beverages bottles, distributes and markets beverages for PepsiCo in India, Sri Lanka, Nepal and Morocco, the press release said.
-Write to Kenan Machado at kenan.machado@dowjones.com
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