Canbank Venture Acquires Stakes in Anand Teknow Aids Engineering
Canbank Venture Capital Fund Limited (CVCFL) has picked up approx 5% 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 & Gas sector in India & Gulf. CVCFL has invested Rs 16 crore which will be utilized by the company for expansion of its ball valve plant at Talawade near Pune in India. Anand Teknow (ATAEI) has established itself as a leading engineering company in the last 4 to 5 years specifically in the field of manufacture & supply of Ball Valves to Oil & Gas sector.
According to Sri S Thiruvadi, Managing Director-CVCFL, “The company’s products are well received in the market and we foresee substantial growth in Anand Teknow’s business in the years to come. Our fund is engaged in assisting unlisted mid-stage / late stage companies which are in manufacturing / services sector with equity Investment between Rs 100 million to Rs 600 million.” Canbank Venture Capital Fund Ltd, a wholly owned subsidiary of Canara Bank based in Bangalore has made the investment from Emerging India Growth Fund, a Rs 4350 Million fund managed by it.
Says Rakesh Ranjan, Managing Director, Anand Teknow Aids Engineering India Ltd, “We have two ultra-modern plants for manufacture of ball valves at Talawade and Chinchawad near Pune (India) with hi-tech R&D facility and are expanding operations in order to achieve our turnover target of Rs 600 crores by FY 2018.”
The company’s Ball Valve division was started in the year 2008 as vendor to one of the OEM’s in the field. ANAND TEKNOW is an ISO 9001 registered company and API-6 D license holder from American Petroleum Institution and conforms to API Q1 quality standard. The company is capable of meeting its client requirement on cost effective basis, along with highest quality of customer service.
The company today boasts of a clientele of 31 refineries including 15 from the Gulf region & 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 etc. Recently the company has bagged orders for supply of Ball Valves from Occidental of Oman (Branch of Occidental U.S.A), Petroleum Development of Oman (Shell) and Daleel Petroleum cumulatively worth Rs 200 crores.
(1$ = Rs 63)