Standard Chartered Bank's investment arm, Standard Chartered Private Equity, said Thursday it invested US$61 million in South Korea's Daelim Motor Co.

Standard Chartered Private Equity invested in Daelim Motor through a subscription of new shares in the Korean motorcycle and auto parts maker, Standard Chartered said in a statement.

Daelim Motor Co., is an wholly-owned by Daelim Group which focuses on the chemical and construction industries.

Standard Chartered said the investment will strengthen Daelim Motor's balance sheet and enhance its long-term growth potential by expanding its funding capacity.

-By P.R. Venkat, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com

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