Canbank Venture Capital Fund picks up stake in Ashapura Garments

The investment was raised as venture finance from Emerging India Growth Fund

Bangalore's Canbank Venture Capital Fund (CVCFL), an wholly owned subsidiary of Canara Bank, picks up stake worth Rs 25 crore in Gujarat-based Ashapura Garments (AGL), manufacturers of jeans and casual wear for men and women. 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.

AGL primarily has presence in Andhra Pradesh, Madhya Pradesh, Tamil Nadu, Punjab, Karnataka, Gujarat, Kerala, Rajasthan, Orissa, Maharashtra, West Bengal, Haryana. Internationally, the company caters to Europe, Asia and North America.