Canbank Venture Capital Fund, a wholly-owned subsidiary of Canara Bank, has picked up a stake in Gujarat-based Ashapura Garments for Rs. 25 crores. The investment would be used to part-finance the setting up of a state-of-art manufacturing facility of Ashapura Garments in Gujarat.
“We as a company expect a great deal of value addition which would catapult the company to a higher trajectory, and with this the company plans to hit the market in the coming years with great proficiency,” the Ashapura Garments promoter, Mr. Bharat C. Vedant, said.
The company, however, did not give the details of the stake it would pick up pursuant to the said investment.
The investment raised as venture finance from Emerging India Growth Fund, a Rs. 500-crore fund managed by CVCFL, is being used to part-finance the manufacturing facility of AGL at SEZ in Gujarat, the statement said.
Ashapura Garments has its presence pan-India, primarily being located in Andhra Pradesh, Madhya Pradesh, Tamil Nadu, Punjab, Karnataka, Gujarat, Kerala, Rajasthan, Orissa, Maharashtra, West Bengal and Haryana.