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PI Industries is engaged in the production of agrochemicals, seeds and specialty fertilisers.

Standard Chartered Private Equity (SCPE) has invested Rs 50 crore in PI Industries Ltd, an agri-input and fine chemicals company. The stake has been picked up through convertible preference shares and debentures, SCPE said in a release.

PI Industries is engaged in the production of agrochemicals, seeds and specialty fertilisers. The funds will be used by PI Industries to part-finance the expansion of its existing facilities and setting up of a new plant in Gujarat.

The shares of PI Industries shot up by more than 2.68% on the bourses today, closing at Rs 230. The company has reported a 61% growth in net profit to Rs 20 crore for first two quarters of FY10. It has a market capitalisation of around Rs 163 crore.

PI has a pan-India distribution network and also has a fine chemicals business that focuses on Contract Research and Manufacturing Services (CRAMS). It has manufacturing facilities in Gujarat and Jammu, as well as a R&D facility in Rajasthan.

"Both the domestic agri-inputs space and the CRAMS sector offer solid prospects for Indian companies. We have found PI Industries to be the right partner," said Rahul Raisurana, Managing Director, Standard Chartered Private Equity, who will also join the company's board.