Canbank Venture Capital invests Rs 25 cr in Ashapura Garments

NEW DELHI:Canbank Venture Capital Fund, a wholly-owned subsidiary of Canara Bank, has picked up a stake in Gujarat-based Ashapura Garments for Rs 25 crore.

The said investment would be used to part finance for the setting up of a state of art manufacturing facility of Ashapura Garments in Gujarat, the company said.

"...We as a company expect a great deal of value addition which would catapult the company to higher trajectory and with this the company plans to hit the market in coming years with great proficiency," Ashapura Garments Promoter Bharat C Vedant said.

The company however did not give the details of the stake the company would pick up pursuant to the said investment.

The investment raised as a venture finance from Emerging India Growth Fund, a Rs 500 crore fund managed by CVCFL is being used to part finance for the setting up of a state of art manufacturing facility of AGL at SEZ in Gujarat, the statement said.

Ashapura Garments has its presence pan India, primarily being located in the states of Andhra Pradesh, Madhya Pradesh, Tamil Nadu, Punjab, Karnataka, Gujarat, Kerala, Rajasthan, Orissa, Maharashtra, West Bengal, Haryana.