Canbank Venture buys 5% stake in Anand Teknow for Rs 16 crore

By: |
Mumbai | January 05, 2015 6:52 PM

Canbank Venture Capital Fund Ltd (CVCFL) today said it has picked up 5 per cent equity stake in Anand Teknow Aids Engineering India...

Canbank Venture, Canbank Venture stake, CVCFLATAEI is expanding operations in order to achieve a turnover target of Rs 600 crore by FY 2018 from the present Rs 236 crore. (Reuters)

Canbank Venture Capital Fund Ltd (CVCFL) today said it has picked up 5 per cent equity stake in Anand Teknow Aids Engineering India (ATAEI) for Rs 16 crore.

The wholly-owned subsidiary of Bengaluru-based Canara Bank has made the investment from its Rs 435-crore Emerging India Growth Fund.

Anand Teknow is engaged in manufacturing of engineering products and ball valves for the oil & gas sector in India and Gulf region. The firm will use the fund for expansion of its ball valve plants near Pune.

“We are investing Rs 16 crore for a 5 per cent equity stake in ATAEI, which will use the fund for expansion of its ball valve plants near Pune,” CVCFL Managing Director S Thiruvadi told reporters here.

ATAEI is expanding operations in order to achieve a turnover target of Rs 600 crore by FY 2018 from the present Rs 236 crore, its Managing Director Rakesh Ranjan said.

The company boasts of a clientele of 31 refineries, including 15 from the Gulf region and Malaysia. Its customers include IOC, HPCL and BHEL.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Cotton crop output estimated at 360 lakh bales for 2020-21
2Sebi makes dividend distribution policy must for top 1,000 listed cos
3Mark Zuckerberg shows off his ‘edible’ Bitcoin that doesn’t look like a crypto; here’s what it is