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Canbank Venture Capital Fund Limited (CVCFL) has invested Rs 25 crore in Mumbai-based Gayatrishakti Paper & Boards Ltd.
CVCFL , a wholly owned subsidiary of Canara Bank, has made the investments through its Rs 435 crore Emerging India Growth Fund, which is also its fifth fund under management.
S Thiruvadi, Managing Director, CVCFL said that the fund is assisting the needy, unlisted mid-stage /late stage companies which are in manufacturing / services sector with equity investment between Rs 10-60 crore.
Gayatrishakti Paper & Boards Limited, founded in 1996, is a leading manufacturer of premium grades of Duplex Board headed by G N Agarwal. It caters largely to domestic market besides exporting to Sri Lanka, Middle East & South East Asian Countries and Egypt. Many multinationals use Duplex Board for packaging their products. These multinationals are engaged in pharmaceuticals, food products like biscuits chocolates, milk powder and other hygiene related products.
The company is expanding its operations by setting up a new manufacturing facility at Valsad, Gujarat. The project has also been appraised and funded by Bank of India with a term assistance of Rs 110 crore. The new facility will start production by April 2015.
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