Standard Chartered Bank's private equity arm said on Tuesday it has invested $56 million in Varun Beverages International Ltd (VBIL), a distributor of PepsiCo Inc beverages.

The funds will be used to accelerate VBIL's growth in its beverage business in India and overseas, Standard Chartered said in a statement.

VBIL bottles, distributes and markets soft drinks sold under trademarks owned by Pepsico In, USA.

VBIL operates in India, Sri Lanka, Nepal and Morocco.