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

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

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

By: | Mumbai | Published: January 5, 2015 6:52 PM
Canbank Venture, Canbank Venture stake, CVCFL

ATAEI 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.

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