Canbank VC made the investment from its Emerging India Growth fund and the investment will help Gayatrishakti expand its operations by setting up a new facility at Sarigram near Valsad in Gujarat.
"The main aim of the fund is to help small and medium businesses to expand. We do not invest in greenfield projects," Canbank managing director S Thiruvadi said.
With this investment in Gayatrishakti, Canbank has picked up 25 per cent equity stake in the group.
Total cost of Gayatrishakti's new facility is Rs 167 crore and the company has also taken Rs 110 crore term loan from Bank of India.
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