Gayatrishakti Paper & Boards, a Mumbai-based paper manufacturing company, has received funds from Canbank Venture Capital Fund.
Canbank has invested Rs 25 crore for a minority stake in the company's new project in Gujarat. The tenure of the fund is June 2018. Canbank is a wholly owned subsidiary of Canara Bank.
Gayatrishakti is implementing a new integrated plant at Sarigam in Valsad district of Gujarat. The project, with a capacity of 90,000 tpa, is expected to start production by April 2015. The project has also been appraised and funded by the Bank of India with a term assistance of Rs 110 crore.
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