By Faridah Kulabako & agencies
Part of the money will be invested in growth of rice and barley.
The Pembani Remgro Infrastructure Fund and Global Alternative Asset Manager, the Carlyle Group have announced that they will make a strategic investment of $210 million in Export Trading Group, an African agricultural commodities supply chain manager.
Part of the money would be invested in Mbeya rice farms, where the group would cultivate rice and barley.
This is the first investment by Carlyle’s Sub-Saharan Africa Fund and Pembani Remgro Infrastructure.
The Pembani Remgro Infrastructure Fund is a long term fund that seeks to invest equity in infrastructure and related opportunities across the African continent while the Carlyle Group is a global alternative asset manager dealing in corporate private equity, real assets, global market strategies and fund of funds Solutions across the globe.
Standard Chartered’s Africa Private Equity division, the first private equity investor in ETG, is increasing its investment from January 2012.
Mr Marlon Chigwende, managing director, Carlyle Sub-Saharan Africa Fund, said in a statement: “This is a remarkable opportunity to invest in a business with a proven model that is highly scalable, has delivered impressive financial performance and has tremendous development impact on Africa and its economies.”