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.