CanBank Venture invests $4.6m in India's Ashapura Garments
Canbank Venture Capital Fund (CVCF), the private equity unit of Canara Bank, has picked up an undisclosed stake in Gujarat-based Ashapura Garments for INR250 million ($4.56 million).
According to VCCircle, the investment came from Emerging India Growth Fund, a $107 million vehicle managed by the CVCF that is used to seed early-stage companies. This is the second investment by CVCF in 2013, following a $3.68 million commitment to GNRC.
Ashapura, a casual wear manufacturer, will use the capital to finance setting up of a manufacturing facility at the Gujarat. The company already has a factory in Mumbai capale of producing over 1.8 million pieces per annum. It is now expanding its capacity and wants to new Gujarat facility to have an annual output of 3 million pieces.
Set up at 1989, CVCF has so far setup five funds with total capital of INR6.2 billion, of which two are closed. In January, it was said to have invested INR100 million ($1.8 million) in Mysore-based electronic manufacturing services firm Vinyas Innovative Technologies.
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