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AIG invested Rs 50 crore in Firepro Systems, a building safety and security solutions provider, for 20% stake in 2006.

Firepro Systems Pvt Ltd, a Bangalore-based building safety and security solutions provider, has raised $33 million (Rs 150 crore) private equity from Standard Chartered Private Equity Ltd (SCPEL), the private equity arm of Standard Chartered Bank.

Earlier in 2006, private equity fund AIG has invested Rs 50 crore ($11.1 million) in Firepro Systems for 20% stake in the company.

The investment came at a time when the company is aggressively chasing growth opportunities across India and the Middle East. The company plans to utilise the fund as growth capital to strengthen delivery capability of the services on offer.  

Following this investment, Nainesh Jaisingh, India head, SCPE, joins Firepro board. Ernst & Young (E&Y) has advised Firepro Systems on this transaction.

On the capital infusion, NS Narendra, chairman and managing director, Firepro stated that the infrastructure protection and safety sector is poised for strong growth and his company wants to be at the crest of this opportunity.

Firepro offers services including integrated fire protection, electronic security and building management systems to residential, commercial, industrial and infrastructure projects. Apart from domestic presence, the company is also operational in overseas markets such as Middle East and Australia.