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Standard Chartered injects $30m in Ecoplast - report

  • Susannah Birkwood
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Standard Chartered Private Equity (SCPE) has boosted Ecoplast Technologies, the world’s second largest manufacturer of starch-based bioplastics, with a $30 million cash injection.

The new capital is designed to help grow the Chinese firm's production capacity and strengthen its positioning the in the global bioplastics market, according to The Asset.

Wei Zhu, managing director and Greater China head of SCPE, said: "Ecoplast has had large commercial-scale production since 2004 and it has demonstrated strong capability to capture the growth of bioplastics with its attractive product offering and proven track record."

Founded in 2000, Ecoplast works with more than 300 clients, including Wal-mart, Jiffy Group and 7 days Inn.

The company's chairman, Xianbing Zhang, added: "Standard Chartered's global network, in-depth understanding of local clients, diversified banking product offering and dedicated expertise are great assets to Ecoplast."

News of this investment comes after SCPE announced last month that it has invested $61 million in Daelim Motor, a major South Korean motorcycle and auto parts manufacturer.

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