The private equity arm of Standard Chartered has invested $45 million for a minority stake in Indian engineering services firm Inox India Ltd, the companies said in a joint statement.

The funds would be used for expansion and potential acquisitions, the statement said.

Inox is a manufacturer of cryogenic storage and transportation equipment, a precision engineering product used for storage and distribution of liquefied gases used in industrial applications.

Private equity investments in India were down 39.99 percent in the first half of this year to $3.81 bln from $6.34 bln a year ago, according to VCCircle.com, an industry tracker.

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