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India : $4M invested by Canbank Venture Capital Fund in Gayatrishakti Paper

April 23, 2014

Canbank Venture Capital Fund Ltd (CVCFL), a wholly-owned subsidiary of state-run lender Canara Bank, has capitalized Rs 25 crore ($4.1 million) in Mumbai-based paper manufacturing company Gayatrishakti Paper & Boards Ltd.

Gayatrishakti Paper & Boards established in 1996 is managed by GN Agarwal and manufactures paper board, white back chromo board, coated packaging board, playing card board, blister pack board, etc. It has 2 paper mills in Gujarat.

At present the firm is in the final stages of setting up a packaging paper board plant with a capacity of 300 tonnes per day which will start process by April 2015.

CVCFL, established in 1989, is one of the country's first and only public sector bank-sponsored, SEBI-registered venture capital fund. The fund was prepared to invest in rising Indian businesses in the small & medium enterprises in various sectors.

It has up to now set up 5 funds with a total corpus of Rs 620 crore.

The fund said, that it is targeting its sixth venture capital fund with a target corpus of Rs 500 crore ($81.6 million).

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Source: TendersInfo (India)