UTI VC invests $6mn in Vallabhdas Kanji

UTI Venture Funds (UVF) today said it has invested $6 million in spice exporter firm Vallabhdas Kanji through its Ascent India fund. UVF is the private equity arm of the Unit Trust of India.

Besides spice products, VKL also supplies ingredients to fast food, processed food companies. VKL has three manufacturing locations at Kochi and plans to start subsidiaries in the UK and South East Asia. VKL presently having a turnover of around Rs 150 crore is expected grow to the tune of Rs 300 crore by 2008.

"Our capital will help VKL consolidate and expand in international markets. VKL is poised to assume leadership in the agri-food outsourcing space," K E C Raja Kumar, MD and CEO of UTI Venture Funds, said.