Canbank Venture Capital Fund Limited (CVCFL), a wholly-owned subsidiary of Canara Bank, has picked up five per cent minority equity stake in Anand Teknow Aids Engineering India Ltd, a Rs 300-crore closely-held public limited company manufacturing hi-tech, engineering products for the oil and gas sector in India and Gulf.
CVCFL has invested Rs 16 crore, which will be utilised by the company for expansion of its ball valve plant at Talawade near Pune in India. Anand Teknow (ATAEI) has been in the field of manufacture and supply of Ball Valves to Oil & Gas sector for the last four to five years.
S Thiruvadi, Managing Director-CVCFL, said, “Our fund is engaged in assisting unlisted mid-stage / late-stage companies which are in the manufacturing / services sector with equity investment between Rs 10 crore and Rs 60 crore.”
Canbank Venture Capital Fund Ltd has made the investment from the Emerging India Growth Fund, a Rs 435 crore fund managed by it.
Rakesh Ranjan, Managing Director, Anand Teknow Aids Engineering India Ltd, said: “We have two plants for the manufacture of ball valves at Talawade and Chinchawad near Pune (India) with R&D facility and are expanding operations in order to achieve our turnover target of Rs 600 crore by FY 2018.”
The company’s Ball Valve division was started in the year 2008 as vendor to one of the OEMs in the field. Anand Teknow is an ISO 9001 registered company and API-6 D licence holder from American Petroleum Institution and conforms to API Q1 quality standard. The company is capable of meeting its client requirements on a cost-effective basis along with highest quality of customer service.
The company today has of a clientele of 31 refineries including 15 from the Gulf region and Malaysia which includes big names like IOCL, HPCL, BHEL, CPCL, MECON, EIL (project approved) from India and Petroleum Development of Oman, Occidental of Oman, Daleel Petroleum, Gasco Takreer, Adco, Zadco, National Petroleum Construction Company, Petronas of Malaysia among others. Recently, the company had bagged orders for the supply of ball valves from Occidental of Oman (Branch of Occidental USA), Petroleum Development of Oman (Shell) and Daleel Petroleum cumulatively worth Rs 200 crore.